Colorado Agreement for Sale of Business - Sole Proprietorship - Asset Purchase

State:
Multi-State
Control #:
US-02502
Format:
Word; 
Rich Text
Instant download

Description

A sole proprietorship is a business which is owned by one person who is ultimately responsible for the final obligations of the business. This agreement allows a sole proprietor to sell his/her business according to the price and terms listed.
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  • Preview Agreement for Sale of Business - Sole Proprietorship - Asset Purchase
  • Preview Agreement for Sale of Business - Sole Proprietorship - Asset Purchase
  • Preview Agreement for Sale of Business - Sole Proprietorship - Asset Purchase
  • Preview Agreement for Sale of Business - Sole Proprietorship - Asset Purchase

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FAQ

An asset purchase involves the purchase of the selling company's assets -- including facilities, vehicles, equipment, and stock or inventory. A stock purchase involves the purchase of the selling company's stock only.

Seller Obligations From the seller side of the sale, once the contract is signed, they are obligated to sell. They don't have any opportunities to terminate the contract unless the buyer provides those opportunities.

An agreement to sell is a crucial precursor to the sale deed. This document, which has legal sanctity, states the seller's intention to sell the property and the buyer's intention to purchase the same in the future.

The buyer or seller is not legally bound until signed copies of the contract are exchanged. Buyers of residential property usually have a cooling off period of five working days following the exchange of contracts during which they can withdraw from the sale.

How to Write a Business Purchase Agreement?Step 1 Parties and Business Information. A business purchase agreement should detail the names of the buyer and seller at the start of the agreement.Step 2 Business Assets.Step 3 Business Liabilities.Step 4 Purchase Price.Step 6 Signatures.

An asset purchase agreement is an agreement between a buyer and a seller to purchase property, like business assets or real property, either on their own or as part of a merger-acquisition.

In an asset purchase, the buyer will only buy certain assets of the seller's company. The seller will continue to own the assets that were not included in the purchase agreement with the buyer. The transfer of ownership of certain assets may need to be confirmed with filings, such as titles to transfer real estate.

The most obvious condition for a seller to legally back out of a purchase agreement is if the agreement to sell is not in writing. If the seller and the buyer didn't sign a legally binding real estate contract, the seller can usually back out at any time for any reason.

Provisions of an APA may include payment of purchase price, monthly installments, liens and encumbrances on the assets, condition precedent for the closing, etc. An APA differs from a stock purchase agreement (SPA) under which company shares, title to assets, and title to liabilities are also sold.

The bill of sale is typically delivered as an ancillary document in an asset purchase to transfer title to tangible personal property. It does not cover intangible property (such as intellectual property rights or contract rights) or real property.

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Colorado Agreement for Sale of Business - Sole Proprietorship - Asset Purchase