§ 3.20.260. Termination, sale or transfer of retail business.

A.

A seller who sells, transfers or assigns a substantial portion of his retail business interest to another person shall make a final sales tax return within thirty days after the date of such conveyance and surrender the business license to the city for cancellation. At least ten business days before any such sale is completed, seller shall send to the finance director, by registered first-class mail, postage prepaid, a notice that the seller's interest is to be conveyed to another person and shall include the name, address and telephone number of the person to whom the interest is to be conveyed. Following receipt of said notice, the city shall have sixty days in which to perform a final sales tax audit and assess sales tax liability against the seller of the business. If the notice is not mailed at least ten business days before the sale is completed, the city shall have twelve months from the later of the completion of the sale or the city's knowledge of the completion of the sale within which to begin a final sales tax audit and assess sales tax liability against the seller of the business. The city may also initiate an estimated tax procedure as set forth in this chapter.

B.

A person acquiring any interest of a seller in a business required to collect the tax under this chapter assumes the liability of the seller for all taxes due the city, whether current or delinquent, whether known to the city or discovered later, and for all interest, penalties, costs and charges on such taxes. The purchaser of the business shall withhold a portion of the purchase money sufficient to pay any sales tax, penalties and interest which may be due, unless the seller displays a receipt from the finance director showing that all tax obligations imposed by this chapter have been paid in full. Any purchaser of a business who fails to withhold said monies due and owing to the city shall be personally liable for said taxes, penalties and interest owed by the seller to the city. The finance director, upon authorization of the seller, may disclose the sales tax payments, delinquencies and the status of the seller's sales tax account to any person designated by the seller.

C.

A seller who terminates his or her business without the benefit of a purchaser, successor or assign, shall make a final tax return and settlement of tax obligations within thirty days after such termination. If a final return and settlement are not received within thirty days of the termination, the seller shall pay a penalty of one hundred dollars, plus an additional penalty of twenty-five dollars for each additional thirty-day period, or part of such a period, during which the final return and settlement have not been made, for a maximum of six additional periods. A new or renewed business license may not be issued to a seller who has failed to make the return and settlement under this section until the return and settlement required have been made and the penalty imposed has been paid.

(Ord. 04-10 § 2 (part), 2004).