Idaho 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.

Idaho Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a legal document that outlines the terms and conditions of the sale of a retail store by a sole proprietor. This agreement is specifically designed for transactions involving the sale of a retail store with its inventory and fixtures, where the price is calculated as the total invoice cost of goods plus a percentage markup. The agreement starts by stating the names and addresses of both the seller (sole proprietor) and the buyer, ensuring that all parties involved are clearly identified. It then provides a detailed description of the retail store being sold, including its location, size, and any relevant licenses or permits. Next, the agreement specifies that the sale includes all the merchandise inventory and fixtures owned by the sole proprietor. This includes a comprehensive list of the goods and fixtures being transferred, including brand names, models, quantities, and purchase prices. The purchase prices are calculated based on the invoices provided by the seller, ensuring transparency in the transaction. Furthermore, the agreement stipulates the price structure by combining the invoice cost of goods with a percentage markup. The parties involved need to agree on the percentage to be added to the invoice cost as the markup. This ensures that the seller receives fair compensation for their inventory and fixtures, while allowing the buyer to factor in potential profit margins. The agreement also addresses the payment terms and conditions. It outlines the total purchase price, including the invoice cost plus the agreed-upon markup percentage, and specifies whether it will be paid in a lump sum or through installments. If installment payments are chosen, the agreement establishes a payment schedule, detailing the amounts, due dates, and any applicable interest rates or penalties. Additionally, the agreement may include provisions related to any existing leases, contracts, or agreements associated with the retail store being sold. This ensures that both buyer and seller are aware of and will honor these obligations. It is important to note that there might be variations or specific types of Idaho Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage, depending on the unique circumstances of each transaction. These variations can include agreements specific to certain industries (e.g., convenience stores, clothing boutiques, or electronic stores) or tailored to address particular concerns or conditions (e.g., non-compete clauses, inventory valuation methods, or lease assignability). In conclusion, Idaho Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a comprehensive legal document that provides clarity and protection to both the buyer and seller in a retail store sale. Its customizable nature allows for flexibility to accommodate various types of retail businesses and specific transaction requirements.