Mississippi Administrative Code
Title 35 - Department of Revenue
Part 4 - Sales and Use Tax
Subpart 01 - Administrative
Chapter 08 - Liability When Selling a Business and Transfer of Assessments
Section 35-4-01-08-104
Current through September 24, 2024
Exercising responsibility for fiscal management includes, but is not limited to, any one of the following activities:
1. A significant involvement in the day-to-day management of the business;
2. the authority to sign business checks or tax returns;
3. the authority to direct payment of business funds to creditors;
4. the authority to pledge business assets as collateral for loans, advances, or lines of credit for the business;
5. the authority to bind the business to contracts;
6. the authority to hire or fire employees who are authorized to perform any act described in three (3) through five (5) of this paragraph;
7. acting as a high ranking officer of the corporation or LLC including, but not limited to, President, Vice-President, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chairman, Vice-Chairman, Director, Controller, Secretary and/or Treasurer;
8. ownership of more than fifty percent (50%) interest in the corporation or LLC unless an operating agreement exists at the time the tax liability is accrued specifying that the taxpayer is not responsible for fiscal management; or
9. participating in decisions regarding the purchase or sale of the business or the authority to participate in decisions regarding the purchase or sale of the business.
