If you are a restaurant business owner and have finally decided to sell your establishment to someone else or to a company, then you need to finalize things legally. Once a buyer expresses his or her wish to purchase the restaurant establishment, it is important that the restaurant bill of sale is on-hand to finalize the transfer of ownership. If a bill of sale is not used then ownership of the business may be questioned and disputed, if not legal actions may be required. Rules for a bill of sale would differ per state or country for that matter, but it is still a good idea to do this to prevent future misunderstanding. Read more about this below and if you need to prepare a bill of sale of your restaurant then go ahead and download our free restaurant bill of sale samples that are made available on this page.
10+ Restaurant Bill of Sale Samples
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11. Restaurant Bill of Sale Form
What Is a Restaurant Bill of Sale?
If you need to legally transfer ownership of your car, property, or any valuable asset of great value, then you will need to prepare a bill of sale. This document is also important once you’ve decided to sell your restaurant. Local and state governments may need this as proof of ownership for permits and other registration processes. A restaurant bill of sale is a legal document that recognizes the sale and change of business ownership including all its assets. Aside from that, a bill of sale may be also used to determine how much sales tax you must pay.
How To Prepare a Restaurant Bill of Sale?
Once you have a restaurant bill of sale, this will release the seller from any liabilities and protect both the buyer and seller from future disputes. The document will set terms for the sale of the restaurant as well as detail key information of both parties and act as one of the final key records of the final transaction. Also, remember that selling your business is can be complicated and you need to gather a list of documents in order to finalize the sale. So it is important to consult this with a lawyer or broker to ease the burden of the selling process. To help you prepare a restaurant bill of sale, the following details should be included in the document.
I. Details of Both Parties
Included in the document are the buyer and seller’s name, address, and contact details. Don’t forget to add the date of sale as well.
II. Business Name and Details
This should include the state of incorporation, address of the business main headquarters, personal property, assets, shares, and other interests included with the company.
Write down the selling/purchase price this should be written in words and numerals.
IV. Payment Details
Provide the date of the money transfer, the method of payment (cash, cheques, installment, or bank deposit).
Provide the signatures of the buyer and seller as well as the witnesses.
VI. Other Important Details
Add any agreements regarding late payments, deposits, or any pending payments. Also, include a certificate of acknowledgment from a public notary.
What is the Difference Between a Business Bill of Sale and a Purchase Agreement?
A bill of sale is used to execute a sale and transfer of a business whereas a purchase agreement is used in the initial stages of negotiations for securing the business assets and this document does not recognize legal ownership of the property.
What Is a Broker?
A broker is an individual or an agency whose services are used extensively in some industries. Their job entails buying and selling shares, foreign money, or goods for other people.
How Do You Cancel a Sales Contract?
Both parties must mutually agree if they want to cancel the sales contract, and they must adhere to the cancellation policy stated in the contract.
It is important to prepare a restaurant bill of sale once you decide to sell your restaurant business to ensure a smooth transaction between you and the buyer. So, download our free samples to make it easier for you to prepare!
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