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Purchase and Sale of BusinessDo-It-Yourself Legal Forms -- Save Time & Money -- Click here for forms
Legal Form:
A Purchase and Sale of Business Agreement is used to transfer the shares or assets of a business from one or more sellers to one or more purchasers.
The agreement can be structured as a sale of the shares of the business or as a sale of the assets of the business.
If you are planning to buy or sell a business, you should have a written agreement in place between the seller (also called the vendor) and the purchaser (all called the buyer). The agreement of purchase and sale will address certain key issues including:
- what is being bought and sold (called the "assets) (eg. equipment, client list, intellectual property),
- the purchase price,
- method of payment of purchase price and amount of deposit, if any.
- the date of transfer (called the "closing date")
- representations and warranties of the seller (eg. the condition of the assets, location of assets, ownership of the assets)
- representations of the buyer
- conditions of closing (eg. purchaser has first obtained a loan from a bank; purchaser has inspected the assets)
- procedures to be followed on the closing date (eg. money to be exchanged, documents to be exchanged, assets to be exchanged)
- general legal contract provisions
Download: Purchase and Sale of Business Agreement
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