Business Certificates- GOING OUT OF BUSINESS SALE

GOING OUT OF BUSINESS SALE

The requirements for Closing Out or Going Out of Business Sales are covered mainly by State Law. The business owner must complete the following steps as laid out in the MGL Chapter 93, Section 28, 28A and 28D and deliver the material listed to the Lakeville Town Clerk's Office at least 3 days before the start of the sale.  Following is a summary for businesses located in Lakeville:

1. Filing with the Town Clerk and a copy to the MA Attorney General at least (3) three days prior to the opening of such sale and date-stamped as received.  The Town Clerk's Office is located in the Lakeville Town Hall, 346 Bedford Street, Lakeville, MA 02347.
2. A letter on letterhead that you will be having a "Going out of Business" sale, including the dates of the sale and indicating that a surety bond in the amount of $1,000 is included.
3. The required surety bond (not a check) in the amount of $1,000.00 made payable to the Town of Lakeville.  This is kept for (3) three years from the final date of sale.  After (3) three years, the bond may be surrendered to the owner upon his request, or to one of the sureties listed on the bond.  If, however, there is pending legal action related to the bond, the Town Clerk must retain it until the final disposition of the action.
4. Contact information of the parties responsible for the sale, including phone#, street address and email address must be recorded.  (See Application)
5. A complete and detailed inventory, signed by the owner under the penalties of perjury must be filed with the Town Clerk prior to the sale, containing all items to be included in the sale.  No person shall conduct a removal or terminatin sale in any city or town at any place without having first paid the fee $1.00 for each page of a detailed inventory list (Check payable to the Town of Lakeville).  This inventory list may be provided on cd but must also include on printed copy for reproduction and date-stamp purposes.  The list must include the goods actually in the palce of business at the opening of the sale and a description of the name or kinds of goods and the quantity of each.  Any goods which have been purchased during a (60) sixty days period prior to filing the inventory must be listed separately, even if they have been listed previously.
6. No person shall conduct a removal or termination sale for a period of more than (60) sixty days from the opening of such sale.
7. No person shall advertise a removal sale without prominently stating the FINAL DATE of the said sale and that sale includes no goods other than those listed on the filed inventory.

For additional information please see MGL, Chapter 93, sections, 28,  28A and 28D.

If you have a Business Certificate (DBA) on file with the Town Clerk's Office, a Discontinuance or Withdrawl from Business Form also needs to be filed (in accordance with MGL.)

Thank you for your inquiry, I look forward to hearing from you as the administration of the sale proceeds. Please feel free to contact me again should you require additional information.