Make Legal Wisconsin Buy-Sell Forms For Free

A Wisconsin general bill of sale is a legal document that is used by private parties to prove the sale and purchase of a piece of personal property in the State of Wisconsin. The document provides identifiable information regarding the property being sold and serves as evidence of a change of ownership.

As of January 1, 2016, a new Wisconsin state law requires an individual selling a privately-owned motor vehicle to another private party to report that sale to the Wisconsin Department of Transportation (WisDOT) within 30 days of the sale.

Here is how buy-sell agreements work: Determine which events invoke a triggered buyout. Establish who has rights and purchase obligations. Identify the names and address of the purchasers. Set a purchase price or valuation with applicable discounts. Establish payment terms as well as their intervals.

In Wisconsin, the law doesn't require you to use a bill of sale when transferring ownership of personal property. However, the document may provide legal protection for all parties involved. For example, the buyer will be able to prove that the transaction took place if there is an ownership dispute.

The bill of sale should provide identifying information about the buyer and the seller, a description of the vehicle, and a listing of the terms of the exchange. The form is not required when selling a motor vehicle, although it can be helpful for an individual's records or in subsequent permit applications.

Any stakeholders, including partners or owners, and their current stake in the business' equity. Events that would trigger a buyout, such as death, disability, divorce, retirement, or bankruptcy. A recent business valuation. The structure by which partners would buy or sell their interest in the business.