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Form 4797 for Vacaville California: What You Should Know
Valdez-Callejo, Ana, Assistant Business Editor Auctioning Business Property Auctioning business property includes a person who engages in business in certain counties of the state of California, and in all business districts of other states, including auctions of personal property. Auctioning property is done for other buyers in the same city, town or county. Example: A real estate lawyer has a listing on the website of the real estate section of the Bay Area News Group. She may advertise the sale of her property along with those of other sellers, or sell her property herself. In either case, it is her prerogative as a seller to establish her own minimum price and any other terms that she decides. The business owner or agent has exclusive control over the property she puts on the open market. At the time of the auction, a sale is final. This means the real estate lawyer is expected to make the final sale price and complete the sale. Auctioning Business Property — California Law The sale or exchange of business property includes the sale or exchange of personal property, real or personal property that is purchased and held on behalf of a business. Section 4999 of the Business and Professions Code authorizes the sale or exchange of “real property” and the “sale of any service or thing for an amount” in exchange for money. California Real Property Law The definition of personal property is somewhat vague, but it refers to “personal property that is permanently used or intended for use in business.” In other words, it is property from which an individual derives income, such as a personal residence or a company car. For property subject to Section 1542, personal property includes personal property that is rented or leased out for a profit. For property which is not personal property, Section 4999 reads “any property used by a business in a trade or business.” Thus, Section 4999 applies to assets sold or exchanged during a sale of a business or a sale of goods. Selling Business Property may be sold to a buyer for purposes of resale at any time. A resale sale is a sale by the business owner after the buyer purchases the business property. In a resale sale, the seller may include the buyer's name and address in the notice of resale. A resale sale should be a complete sale, not a sale by the buyer to the seller in its entirety (or to a third party).
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