(a) Acquisition of existing business.
(1) Seller’s responsibilities. Any person engaged in business in the Town who sells such business shall file a final return. The reporting period shall end on the date of the transfer of ownership of the business in question.
(2) Purchaser’s responsibilities:
a. Any person who purchases an existing business shall be responsible for determining whether there is any tax due from that business and shall withhold from the initial purchase payment an amount sufficient to cover all such tax due, unless the former owner produces a receipt from the Town showing that all tax due has been paid or a certificate from the Town indicating that there is no tax due.
b. Any amount so withheld shall be paid to the Town within ten (10) days of the date of the sale of the business.
c. Any purchaser who fails to withhold such tax due or fails to pay to the Town the amount so withheld within the ten-day period shall, as well as the seller, be liable for any tax due.
(b) Cessation of business. Every person engaged in business in the Town who quits doing business in the Town shall file a final return. The reporting period of such return shall end on the last day of business in the Town. (Ord. 1263, 2007)