Utah Agreement for Sale of Business by Sole Proprietorship with Leased Premises

State:
Multi-State
Control #:
US-02022BG
Format:
Word
Instant download

Description

This form involves the sale of a small business where the real estate on which the Business is located is leased from a third party. This form assumes that the Seller has received the right to assign the lease from the lessor/owner.

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FAQ

As there is no separate entity under the law for a sole proprietorship business, contracts are normally signed by owner under his or her personal name. Even if the business uses a fictitious name, the owner will usually have his or her name written down in the checks issued by the clients.

If you or the other party are sole proprietors, you can each simply sign your own names because a sole proprietorship, unlike a corporation or partnership, is not a separate legal entity. If the business is a married couple doing business as a sole proprietorship, both spouses should sign the agreement.

Overview. A sole proprietorship cannot be sold as a single entity like a corporation. Instead, when a sole proprietor sells the business, the sale is treated as the sale of the separate and identifiable assets of the business. The sale of a disregarded entity is also treated as the sale of the entity's assets.

To file taxes on your sole proprietorship income, you must keep track of a few IRS forms like Form 1040, Schedule C, Form 940, Form 941, Form 944, etc. Let's have a look at the forms. Plus, any self-employment tax deductions need to be factored in and recorded.

Enter your individual name as shown on your social security card on the ?Name? line. You may enter your business, trade, or ?doing business as (DBA)? name on the ?Business name? line.

A sole proprietorship is a non-registered, unincorporated business run solely by one individual proprietor with no distinction between the business and the owner. The owner of a sole proprietorship is entitled to all profits but is also responsible for the business's debts, losses, and liabilities.

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Utah Agreement for Sale of Business by Sole Proprietorship with Leased Premises