Sales Agreement The sales agreement is the key document in buying the business assets or stock of a corporation. It is important to make sure the agreement is accurate and contains all the terms of the purchase. It would be a good idea to have an attorney review this document. It is in this agreement that you should define everything that you intent to purchase of the business, assets, customer lists, intellectual property, and goodwill.
The following is a checklist of items that should be addressed in the agreement:
* Names of Seller, Buyer, and Business * Background information * Assets being sold * Purchase price and Allocation of Assets * Covenant Not to Compete * Any adjustments to be made * The Terms of the Agreement and payment terms * List of inventory included in the sale * Compliance with the Bulk Sales laws of the state * Any representation and warranties of the seller * Any representation and warranties of the buyer * Determination as to the access to any business information * Determination as to the running of the business prior to closing * Contingencies * Possibilities of having the seller continue as a consultant * Fees, including brokers fees * Date of closing
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Exit Strategy
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Getting out of your business may not be
important to you at this point. However,
planning your exit strategy often involves
more than just closing down. Within this
section we’ll discuss practical options
that include selling your business or
transferring ownership. In the event that
you decide it is time to close your
business, you’ll learn about liquidation,
filing bankruptcy and reviewing the IRS
guide on shutting down.
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