Mississippi Sale of Business - Retained Employees Agreement - Asset Purchase Transaction
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FAQ
The asset purchase agreement is often drafted up towards the end of the negotiation stage, so that the parties can have a final record of their agreement. The document essentially operates as a contract, creating legally binding duties on each of the parties involved.
In an asset purchase, the buyer agrees to purchase specific assets and liabilities. This means that they only take on the risks of those specific assets. This could include equipment, fixtures, furniture, licenses, trade secrets, trade names, accounts payable and receivable, and more.
Unlike stock purchases, employees generally do not transfer automatically in an asset purchase, meaning the buyer must expressly assume employment agreements and restric- tive covenants with the acquired personnel; any anti-assign- ment or change-in-control clauses in the acquired employees' employment contracts could
By definition, employees are not assets since companies do not have control over them. Workers must convert raw materials be they commodities or blank computer screens into finished inventory to be paid, but if these workers want to quit, they can take their skills and training with them.
In an asset sale, the seller retains possession of the legal entity and the buyer purchases individual assets of the company, such as equipment, fixtures, leaseholds, licenses, goodwill, trade secrets, trade names, telephone numbers, and inventory.
At the closing of an asset purchase, employees of the seller are generally terminated as employees of the seller, and after closing, those employees are rehired by the purchaser.
By definition, employees are not assets since companies do not have control over them. Workers must convert raw materials be they commodities or blank computer screens into finished inventory to be paid, but if these workers want to quit, they can take their skills and training with them.
The employees who are employed by the target entity will generally come with the transaction, like a stock purchase. If certain employees at the seller/parent company provide significant services to the target entity, then the transaction will act like an asset purchase with respect to this group of employees.
Unlike stock purchases, employees generally do not transfer automatically in an asset purchase, meaning the buyer must expressly assume employment agreements and restric- tive covenants with the acquired personnel; any anti-assign- ment or change-in-control clauses in the acquired employees' employment contracts could