Nebraska Checklist - Sale of a Business

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Multi-State
Control #:
US-04096BG
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Word; 
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Description

The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.
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FAQ

Yes, if you plan to sell tangible goods or taxable services in Nebraska, you will need a seller's permit. This is crucial to comply with Nebraska's sales tax laws. The Nebraska Checklist - Sale of a Business highlights the importance of this permit to ensure your business operates legally. Using uslegalforms can help you navigate the application process effortlessly.

That guides you step-by-step through what you need to do to properly organize your company after it's been formed.Select a Name and Legal Structure.Write a Business Plan.Obtain your Federal Employer Identification Number (FEIN)Open the Company Bank Account.Lease Office, Warehouse or Retail Space (if not home-based)More items...

This checklist sets out some of the main items which generally need to be dealt with in order to complete the sale of a business.

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Checklists are basically visual tools that help ensure what needs to be accomplished gets accomplished. In a small business, they can be very powerful in terms of ensuring important tasks are articulated and completed on time.

6 essential elements of a good business planExecutive summary.Description and bios of your leadership/executive team.Description of your product(s) or service(s)Market/competitive analysis.Financials (how much cash you need and when you'll pay it back)Marketing plan.

While plans vary as much as businesses do, here's a summary of the seven main sections of a business plan and what each should include.Executive Summary.Company Description.Products and Services.Market analysis:Strategy and Implementation:Organization and Management Team:Financial plan and projections:

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How to create your checklistStep 1: Do a brain dumpStep 2: Organize and prioritize tasks.Step 3: Put them on your to-do list.Step 4: Check off each item as you complete it.Step 5: Continue adding items as they come up.

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Nebraska Checklist - Sale of a Business