A Minnesota Buy-Sell Agreement is common for "closely held" corporations and other business entities; for example, when there will be a handful of owners. Business Bill of Sale: This document outlines the sale details, including the purchase price, assets included, and any warranties or guarantees.Use this checklist when drafting your Minnesota Buy-Sell Agreement. There are three basic types of legal processes the sale of a business can take – a stock sale, an asset sale, or a merger. There are generally five steps involved in the process of buying or selling a Minnesota business. An operating agreement is a crucial document for LLCs in Minnesota as it establishes the internal procedures, roles, and responsibilities within the company. Either the purchaser or the seller may cancel a purchase agreement for residential real property under this section. Before listing your business for sale, conduct comprehensive legal and financial audits to ensure you're compliant with all federal and Minnesota-specific laws.