• Whether you are buying or selling a business, Sullivan Law can help you.

Most business purchase and sale transactions are not straight up stock or membership sales because the buyer does not want to purchase any potential liabilities (most lawsuits have a six-year statute of limitations so you do not know what might be coming).

You want and Asset Purchase and Sale Agreement for specific assets.  That is the primary document, but there are many other documents likely necessary .

Most business purchase and sale transactions require the following:

• Bill of Sale

• Allocation of assets for tax purposes

• Business authority documents on each side of the transaction to allow the busines to purchase or sell

•  Secretary of State documents regarding business names

• UCC Search

If money is borrowed:

  

-  Promissory Note
- Mortgage if real estate is involved
- Security Agreement with or without real estate involved
- UCC Filing
- IRS asset allocation form

 

Other forms that may be required include specific licensing, transfer documents for real estate, automobile transfer documents, and other documents specific to the particular business being transferred.

It is very likely the cost will exceed $5,000 with slightly complicated transactions exceeding $10,000 and very complicated transactions such as convenience stores with gas stations or businesses with many employees being much more complex and expensive.

Whatever your business field, Sullivan Law can help with your purchase or sale.