If you wanted to have a business but don’t know where to start, you can have the option of actually buying a business. You just have to obtain a business sales agreement, which is used to transfer the ownership of a business from the buyer to the seller.
According to Investopedia, business sale agreements are also designed to protect and continue the business if it experiences any unforeseen events or circumstances. These agreements are contracts between co-owners that can control when shareholders can be able to sell their interest, who can buy the interest, and how much it will cost. You can refer to the Sample Agreements found below as your reference and guide, which you can use and download for free.
Sample Small Business Sales Agreement
Business Purchase and Sales Agreement
Business Asset Sales Agreement Example
Business Sales Agreement Format
Business Sales Confidentiality Agreement
Since buying a business isn’t as easy as how we usually thought it is, here are some basic overview of what would be included on Business Agreement Contracts and Business Development Agreement, which are also known as the business sales agreement. Here are the basic elements of the agreement:
- Confidentiality – the buyer and the seller of the business, first off, shouldn’t share the details about the business transfer transaction to anyone.
- Business – this is the company, the assets and liabilities, and the stocks being transferred.
- Closing Date – the exact date or when will be the turning over of the business, being purchased, will take place. Also, the exact date of when the buyer is required to pay.
- Parties – the buyer and the seller of the business entity.
- Non-competition and Non-solicitation – the seller is required not to compete with the business, and the seller also isn’t allowed to hire his or her previous employees.
- Purchase Price – the payment for the business entity. This also includes down payments, financing, and installment terms.
- Representation – both parties relying on each other’s oaths with regards to the business transaction.
Most importantly, it is essentially crucial to also discuss how liabilities and expenses like the mortgage, debts, accounts payable, and the like will be transferred (if this is applicable).
Business Sales Commission Agreement
Business Sales Agency Agreement
Employee Business Sales Agreement
And if you might wonder when you would need the business sales agreement, you can refer to these. The agreement is primarily used to prevent misunderstandings.
- If some expenses of the business has not yet been paid
- If the employees’ salaries have increased unexpectedly
- If company dividends have been paid
- If the profit and loss financial statements have not been consulted by a certified accountant
- If the company’s condition doesn’t suit the buyer’s standard of expectations
- If there was a counterclaim with regards to the account receivables
- If the business does not have complete license or has not yet completed the paperwork process in order to run a business
Other than that, you can also have the option to have some business partners by having Business Partnership Agreements for your newly bought business entity, or you can also negotiate with the seller of the business entity if he or she will agree to a business partnership with you instead, if he or she is able and willing to do so.
One of the most important things that you have to reflect to when facing this important chapter of your life, start asking yourself calmly and in a relaxed manner, “Why am I doing this?” or “Am I ready for such responsibility?”
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