Massachusetts Sample Letter for Asset Sale
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How to fill out Sample Letter For Asset Sale?
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FAQ
A Letter of Intent (LOI) is a short non-binding contract that precedes a binding agreement, such as a share purchase agreement or asset purchase agreement (definitive agreements). There are some provisions, however, that are binding such as non-disclosure, exclusivity, and governing law.
The buyer may be required to pay back the creditors and debts of the seller. In the United States, bulk sale law operations vary depending on the state. However, most states have repealed their bulk sales law simply because it does not do a lot to protect creditors. This law is still active in California, however.
This free template Letter of Intent for an Asset Purchase Agreement is a non-binding document outlining the general terms and price by which a buyer proposes to purchase the assets of a particular business. If signed by the seller, it indicates that both parties intend to move forward in completing the transaction.
The sale of the Purchased Assets as contemplated hereunder does not constitute more than one half of the total inventory and equipment of Seller as measured by the fair market value of such inventory and equipment as of the date hereof.
These transactions are governed by Article 6 of the Uniform Commercial Code, which has been adopted in most jurisdictions, the primary purpose of which is to put creditors of the seller on notice that the majority of the seller's assets are being sold.
Bulk sales laws apply to transfers of significant assets that are not made in the ordinary course of business, and they generally require the Buyer to notify the Seller's creditors of the acquisition prior to the Closing so the creditors can protect their interests.
Sales tax. The Massachusetts sales tax is 6.25% of the sales price or rental charge of tangible personal property (including gas, electricity, and steam) and telecommunications services1 sold or rented in Massachusetts.
Casual and isolated sales, sales of tangible personal property originally acquired for use or consumption by a seller and later resold by that seller other than in the regular course of a business engaged in by that seller.
