Florida Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage

• Category: Real Estate - Contracts - Commercial
• State: Multi-State
• Control #: US-00869BG
• Format: Word; Rich Text

Description

This form is used to document an agreement of the sale of a business. Particular statutory requirements may have to be complied with in the sale of certain businesses. If the statutory requirements are not met, the sale is void as against the seller's creditors, and the buyer may be personally liable to them.

A Florida Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a legally binding contract between a sole proprietorship owner selling their retail store and a buyer. This agreement outlines the terms and conditions of the sale, including the purchase price, payment terms, liabilities, and obligations of both parties involved. This type of agreement is typically used when a sole proprietor wishes to sell their retail store along with its assets, such as goods and fixtures, and determine the price based on the invoice cost of these items plus an additional percentage markup. The percentage markup is usually determined through negotiation between the parties involved and is based on the store's profitability, inventory value, and market conditions. This allows for a fair valuation of the business and its assets. In a Florida Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage, various key elements are important to include. These may consist of the following: 1. Parties Involved: Clearly state the names and contact information of both the seller (sole proprietor) and the buyer. 2. Description of the Retail Store: Provide a detailed description of the retail store being sold, including its location, size, and any unique features. 3. Goods and Fixtures: List all the goods and fixtures included in the sale, specifying their description, quantities, and invoice cost per item. 4. Purchase Price: State the purchase price for the retail store, which is calculated as the total invoice cost of the goods and fixtures plus the mutually agreed-upon percentage markup. 5. Payment Terms: Explain how the purchase price will be paid, whether it is in a lump sum or installments, and the specific schedule for payment, including due dates and any interest charges. 6. Liabilities and Obligations: Clearly define the liabilities and obligations of both the seller and the buyer before, during, and after the completion of the sale. This includes any pending financial obligations, tax responsibilities, and potential disputes related to the store's operation or assets. 7. Transfer of Ownership: Outline the process and timeline for the transfer of ownership of the retail store, including necessary permits, licenses, and registrations. 8. Closing Date: Specify the agreed-upon closing date when the sale will be completed and possession of the store will be transferred to the buyer. 9. Confidentiality and Non-Compete Clauses: Include confidentiality and non-compete clauses to protect the seller's trade secrets, customer base, and ensure that the buyer does not open a similar store in the same vicinity for a specified period. 10. Dispute Resolution: Agree upon a method for resolving any potential disputes or disagreements that may arise during or after the sale, such as mediation or arbitration. It is important to note that while the above description covers the essential elements for such an agreement, specific terms and conditions can vary depending on the negotiation between the parties and the unique characteristics of the retail store and its operation. In summary, a Florida Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a comprehensive contract that facilitates the transfer of ownership from a sole proprietor to a buyer while considering the value of the goods, fixtures, and the profitability of the business.