Form 50-290 Going out of Business Sale Permit Application - Texas

What Is Form 50-290?

This is a legal form that was released by the Texas Comptroller of Public Accounts - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 50-290?
A: Form 50-290 is the Going out of Business Sale Permit Application in Texas.

Q: What is a Going out of Business Sale Permit?
A: A Going out of Business Sale Permit is a permit issued by the state of Texas that allows businesses to hold a sale when they are closing permanently.

Q: Who needs to apply for a Going out of Business Sale Permit?
A: Any business in Texas that is planning to close permanently and wants to hold a going out of business sale needs to apply for a permit.

Q: How do I apply for a Going out of Business Sale Permit?
A: You can apply for a permit by completing and submitting Form 50-290 to the Texas Comptroller of Public Accounts.

Q: What information is required on the Form 50-290?
A: The form requires information about the business, including the business name, location, date of closure, and a description of the goods to be sold.

Q: Is there a fee for the Going out of Business Sale Permit?
A: Yes, there is a non-refundable fee required with the permit application. The fee amount depends on the estimated gross sales from the going out of business sale.

Q: Are there any restrictions on the sale?
A: Yes, there are restrictions on the sale, such as prohibiting the sale of goods obtained for the purpose of the sale and requiring the prices to be clearly marked.

Q: How long is the permit valid for?
A: The permit is valid for 30 consecutive days from the starting date specified on the permit.

Q: What happens if I don't obtain a Going out of Business Sale Permit?
A: Operating a going out of business sale without a permit is a violation of Texas law and may result in penalties and fines.