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 Purchase In Business In Cuyahoga
Category:
State:
Multi-State
County:
Cuyahoga
Control #:
US-00418
Format:
Word;
Rich Text
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A purchaser of the assets of a business will be liable for any unpaid sales tax of the seller, as well as any accrued interest and penalties related thereto. In an asset purchase, the buyer agrees to purchase specific assets and liabilities.This means that they only take on the risks of those specific assets. For all purposes, the parties agree that the Purchase Price shall be allocated among the Purchased Assets in the manner set forth in Schedule 1.5. An Asset Purchase Agreement is used to purchase the assets of an existing business in a Merger or Acquisition. The Department of Purchasing is responsible for procurement for all Cuyahoga County departments, agencies, and elected officials. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale.