Chicago Illinois Acuerdo para la venta de negocios por propietario único, incluida la compra de bienes inmuebles - Agreement for Sale of Business by Sole Proprietorship including Purchase of Real Property

• Category: Ventas comerciales: acuerdos de compra
• State: Multi-State
• City: Chicago
• Control #: US-0636BG
• Format: Word

Description

The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The purchaser and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situa Chicago Illinois Agreement for Sale of Business by Sole Proprietorship including Purchase of Real Property is a legal document that outlines the terms and conditions between a sole proprietor (seller) and a buyer for the sale of a business and associated real property in the city of Chicago, Illinois. It serves as a binding agreement to transfer ownership of the business entity, assets, and real estate from the seller to the buyer. The agreement typically includes several key components to ensure a comprehensive understanding between the parties involved: 1. Parties: Identifies and provides contact information for both the seller and the buyer, including their legal names, addresses, and any relevant business details such as business names or entities. 2. Business Description: Provides a detailed description of the business being sold, including its name, location, legal structure, industry, nature of operations, assets being transferred, and other relevant aspects necessary for the buyer to understand the business they are acquiring. 3. Purchase Price and Payment Terms: Specifies the total purchase price for the business and real property, as well as the agreed-upon payment terms, such as lump-sum payment or installment payments. It may also include any adjustments or prorations to be made for inventory, equipment, or other assets. 4. Assets Included in the Sale: Enumerates all the specific assets included in the sale, which may encompass tangible assets like inventory, equipment, furnishings, and intangible assets like customer lists, licenses, trademarks, and patents. It may exclude certain assets, such as personal belongings of the seller or assets retained by the seller. 5. Real Property Description: Describes the real property being sold, including its legal description, address, boundaries, and any relevant details necessary for the buyer to identify the property being purchased. 6. Due Diligence: Specifies a timeframe for the buyer to complete due diligence procedures, including reviewing financial records, contracts, leases, permits, licenses, and any other document deemed necessary to ensure the accuracy and viability of the business being sold. It may also include provisions for the buyer to inspect the real property. 7. Closing and Transfer of Ownership: Outlines the conditions and procedures for the closing of the sale, which typically includes the transfer of ownership and possession of the business, assets, and real property from the seller to the buyer. It may also include provisions for the seller to provide training or assistance during the transition period. Different types or variations of Chicago Illinois Agreement for Sale of Business by Sole Proprietorship including Purchase of Real Property may include specific clauses or terms based on the nature of the business, the real estate involved, or the preferences of the parties. Some common variations may include agreements for the sale of professional practices or specialized businesses such as restaurants, retail stores, or service-oriented establishments. It is important to consult with a qualified attorney to customize the agreement to meet the specific needs and legal requirements of the transaction.

Chicago Illinois Agreement for Sale of Business by Sole Proprietorship including Purchase of Real Property is a legal document that outlines the terms and conditions between a sole proprietor (seller) and a buyer for the sale of a business and associated real property in the city of Chicago, Illinois. It serves as a binding agreement to transfer ownership of the business entity, assets, and real estate from the seller to the buyer. The agreement typically includes several key components to ensure a comprehensive understanding between the parties involved: 1. Parties: Identifies and provides contact information for both the seller and the buyer, including their legal names, addresses, and any relevant business details such as business names or entities. 2. Business Description: Provides a detailed description of the business being sold, including its name, location, legal structure, industry, nature of operations, assets being transferred, and other relevant aspects necessary for the buyer to understand the business they are acquiring. 3. Purchase Price and Payment Terms: Specifies the total purchase price for the business and real property, as well as the agreed-upon payment terms, such as lump-sum payment or installment payments. It may also include any adjustments or prorations to be made for inventory, equipment, or other assets. 4. Assets Included in the Sale: Enumerates all the specific assets included in the sale, which may encompass tangible assets like inventory, equipment, furnishings, and intangible assets like customer lists, licenses, trademarks, and patents. It may exclude certain assets, such as personal belongings of the seller or assets retained by the seller. 5. Real Property Description: Describes the real property being sold, including its legal description, address, boundaries, and any relevant details necessary for the buyer to identify the property being purchased. 6. Due Diligence: Specifies a timeframe for the buyer to complete due diligence procedures, including reviewing financial records, contracts, leases, permits, licenses, and any other document deemed necessary to ensure the accuracy and viability of the business being sold. It may also include provisions for the buyer to inspect the real property. 7. Closing and Transfer of Ownership: Outlines the conditions and procedures for the closing of the sale, which typically includes the transfer of ownership and possession of the business, assets, and real property from the seller to the buyer. It may also include provisions for the seller to provide training or assistance during the transition period. Different types or variations of Chicago Illinois Agreement for Sale of Business by Sole Proprietorship including Purchase of Real Property may include specific clauses or terms based on the nature of the business, the real estate involved, or the preferences of the parties. Some common variations may include agreements for the sale of professional practices or specialized businesses such as restaurants, retail stores, or service-oriented establishments. It is important to consult with a qualified attorney to customize the agreement to meet the specific needs and legal requirements of the transaction.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.