Purchase Agreement
      
The purchase agreement is the key document in buying the business assets or stock of a corporation. It is important to make sure the agreement is accurate and contains all the terms of the purchase. It would be a good idea to have a business law attorney review this document. It is in this agreement that you should define everything that you intend to purchase of the business, assets, customer lists, intellectual property, and goodwill.

The following is a checklist of items that should be addressed in the agreement:

• Names of Seller, Buyer, and Business

• Background information


• Assets being sold


• Purchase price and Allocation of Assets


• Anti- competition clause

• Any adjustments to be made

• The Terms of the Agreement and payment terms


• List of inventory included in the sale


• Compliance with the Bulk Sales laws of the state


• Any representation and warranties of the seller


• Any representation and warranties of the buyer


• Determination as to the access to any business information


• Determination as to the running of the business prior to closing

• Contingencies

• Possibilities of having the seller continue as a consultant


• Fees, including brokers fees


• Date of closing
   



Disclaimer:
All the information displayed on this website is not considered legal advice. Such information is solely for education purposes to the public and individuals should not try to resolve any problems relying on this information. Readers are cautioned not to attempt to solve individual problems on the basis of the information contained herein and are strongly advised to seek professional advice from an expert.