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WHAT SHOULD BE INCLUDED A Business Purchase Agreement should generally address the following: Who is selling or transferring the business and who will be the new owner What assets of the business are being transferred or number of shares being sold Whether existing employees will be re-hired by the new owner When the transfer will be complete ( Closing Date ) How liabilities like loans, mortgages, or accounts payable will be transferred, if at all Here are some other useful details a Business Purchase Agreement might include: Accounts Receivable: detail how outstandings payments will be collected and handled Assets: detail all items that should be included in the sale like furniture, machinery, accounts receivable, or customer lists or excluded in the sale like cash, real estate, and automobiles Conditions Precedent: actions that must take place before the Closing Date Disclosure: Purchaser can access documents and records between the date of the Agreement and before the Closing Date to confirm the representations and warranties Inventory: include all purchases that will be part of the sale Liabilities: which debts, if any, will be transferred from the Seller to the Purchaser Payment Terms: detail the amount that will be transferred on closing day or paid later Termination: confirm the transfer of employees from the Seller to the Purchaser and detail the termination and re-hiring process and paperwork needed OTHER NAMES As a reference, a Business Purchase Agreement can also go by the following names: Agreement for Purchase and Sale of Servicing, Agreement of Purchase and Sale of Business Assets, Agreement to Sell Business, Asset Purchase Agreement, Bill of Sale and Assignment and Assumption Agreement, Business Sale Agreement, Business Sale Contract, Business Transfer Agreement, Contract for Sale of Business, Purchase of Business Agreement, Sale of Business Agreement, Share and Asset Purchase Agreement, or Small Business Purchase Agreement.
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