Redact Legal Illinois Business Sale Forms For Free

A description of what is being transferred, such as specific physical assets, customer and supplier lists, and the company name, as well as any copyrights, patents, trademarks, trade names, or other intellectual property; this may include the manner in which assets will be transferred, such as with a bill of sale ...

What is a Business Purchase Agreement? Business purchase agreements, also called BPAs or business transfer agreements, are legal contracts that transfer ownership from the seller of a business entity to a buyer. This type of agreement contains provisions that govern the terms of sale.

The bill of sale is a legal document that transfers ownership of the business from the seller to the buyer. It lists the assets being sold, their value, and any conditions of the sale.

Documents Required to Sell a Business Depending on the type of business you are selling, you may need an Entity Sale Agreement or an Asset Sales Agreement. Furthermore, if you are financing part of the purchase price, you may need a Security Agreement for Asset Sale, a UCC Financing Statement and a Promissory Note.

Registration and Licensing As defined under the Business Opportunity Sales Law of 1995, a business opportunity is commenced when it is agreed that the seller will provide to the purchaser to start a business and the purchaser is required to pay the seller more than $500 within a period of six months.

All business contracts should include fundamentals such as: The date of the contract. The names of all parties or entities involved. Payment amounts and due dates. Contract expiration dates. Potential damages for breach of contract, missed deadlines or incomplete services.