This form is an Asset Purchase Agreement. The buyer agrees to purchase from the seller certain assets which are listed in the agreement. The form also provides a listing of certain assets which will be excluded from the sale. The form must be signed in the presence of a notary public.
Asset Sale In Business Definition In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00418
Format:
Word;
Rich Text
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A sale of assets may be partial or complete. You (or the purchaser or transferee) must complete Form CBS-1, Notice of Sale, Purchase, or Transfer of Business Assets.An asset sale allows the transfer of specific assets and liabilities while the seller remains being owner of the legal entity. Asset sales are types of business transaction where buyers purchase assets from a business, and the sellers retain legal ownership of the company. Commonly referred to as cash-free, debt-free transactions, asset business sales do not typically involve the transfer of cash or long-term debts. Complete all lines to identify the business or business assets being sold or transferred. When companies let go of some assets in exchange for needed cash or other forms of compensation, that is the sale of assets.