Illinois 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. Title: Illinois Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage Introduction: The Illinois Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a legally binding document that outlines the terms and conditions for the sale of a retail store business by its sole proprietor. This agreement encompasses the transfer of goods and fixtures, allowing both parties involved to define the purchase price based on the invoice cost plus an agreed-upon percentage. Different types of this agreement may include variations in the purchase terms or specific additions tailored to the nature of the retail store type or industry. Key Content: 1. Parties Involved: Identify and provide details of both the seller (sole proprietor) and the buyer, including their full legal names, addresses, contact information, and their roles in the agreement. 2. Description of the Retail Store: Provide a comprehensive description of the retail store that includes its name, physical location, size, and any unique characteristics or features that contribute to its value. 3. Purchase Price Calculation Method: Specify that the purchase price for the retail store will be determined by the sum of the invoice cost of goods and fixtures, in addition to a percentage agreed upon by both parties. Include a clear definition of the invoice cost and the agreed-upon percentage. 4. Inventory and Fixtures: Outline the inventory of goods and fixtures included in the sale. Include a detailed list of the merchandise, equipment, furnishings, and any other assets specifically mentioned in the agreement. It is crucial to include descriptions, quantities, condition, and approximate value for each item. 5. Responsibilities of Seller: Detail the obligations and responsibilities of the seller before, during, and after the transaction. This may include ensuring the accuracy of inventory, delivering ownership documents, providing financial records, and facilitating the transfer of existing contracts or agreements. 6. Responsibilities of the Buyer: Specify the obligations and responsibilities of the buyer, such as conducting due diligence, transferring permits or licenses, procuring necessary financing, obtaining approvals and consents, and assuming any outstanding liabilities upon transfer of ownership. 7. Payment Terms: Explain how the payment for the retail store will be made. This may include establishing a deposit, down payment, and installment plan based on an agreed-upon timeline. Clarify any applicable interest rates, late payment penalties, or consequences for defaulting on payment. 8. Closing and Possession: Clearly state the date, time, and location for closing the transaction, which typically involves the transfer of ownership, keys, and possession. Identify any conditions precedent that must be met before the closing can occur. 9. Confidentiality and Non-Compete: Include provisions safeguarding the confidential information of the business and enforcing non-compete clauses to prevent the seller from opening a competing business in the same vicinity for a specified duration. 10. Governing Law and Jurisdiction: Specify that the agreement shall be governed by and interpreted under the laws of the state of Illinois. Identify the county where legal actions or disputes arising from the agreement shall be resolved. Conclusion: The Illinois Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage provides a comprehensive framework for the transfer of a retail store business from a sole proprietor to a buyer. By defining the purchase price calculation method, responsibilities of both parties, payment terms, and other pertinent details, this agreement ensures a smooth and legally sound transaction. Different variations of this agreement may exist based on industry-specific considerations or specific terms negotiated by the parties involved.

Title: Illinois Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage Introduction: The Illinois Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage is a legally binding document that outlines the terms and conditions for the sale of a retail store business by its sole proprietor. This agreement encompasses the transfer of goods and fixtures, allowing both parties involved to define the purchase price based on the invoice cost plus an agreed-upon percentage. Different types of this agreement may include variations in the purchase terms or specific additions tailored to the nature of the retail store type or industry. Key Content: 1. Parties Involved: Identify and provide details of both the seller (sole proprietor) and the buyer, including their full legal names, addresses, contact information, and their roles in the agreement. 2. Description of the Retail Store: Provide a comprehensive description of the retail store that includes its name, physical location, size, and any unique characteristics or features that contribute to its value. 3. Purchase Price Calculation Method: Specify that the purchase price for the retail store will be determined by the sum of the invoice cost of goods and fixtures, in addition to a percentage agreed upon by both parties. Include a clear definition of the invoice cost and the agreed-upon percentage. 4. Inventory and Fixtures: Outline the inventory of goods and fixtures included in the sale. Include a detailed list of the merchandise, equipment, furnishings, and any other assets specifically mentioned in the agreement. It is crucial to include descriptions, quantities, condition, and approximate value for each item. 5. Responsibilities of Seller: Detail the obligations and responsibilities of the seller before, during, and after the transaction. This may include ensuring the accuracy of inventory, delivering ownership documents, providing financial records, and facilitating the transfer of existing contracts or agreements. 6. Responsibilities of the Buyer: Specify the obligations and responsibilities of the buyer, such as conducting due diligence, transferring permits or licenses, procuring necessary financing, obtaining approvals and consents, and assuming any outstanding liabilities upon transfer of ownership. 7. Payment Terms: Explain how the payment for the retail store will be made. This may include establishing a deposit, down payment, and installment plan based on an agreed-upon timeline. Clarify any applicable interest rates, late payment penalties, or consequences for defaulting on payment. 8. Closing and Possession: Clearly state the date, time, and location for closing the transaction, which typically involves the transfer of ownership, keys, and possession. Identify any conditions precedent that must be met before the closing can occur. 9. Confidentiality and Non-Compete: Include provisions safeguarding the confidential information of the business and enforcing non-compete clauses to prevent the seller from opening a competing business in the same vicinity for a specified duration. 10. Governing Law and Jurisdiction: Specify that the agreement shall be governed by and interpreted under the laws of the state of Illinois. Identify the county where legal actions or disputes arising from the agreement shall be resolved. Conclusion: The Illinois Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage provides a comprehensive framework for the transfer of a retail store business from a sole proprietor to a buyer. By defining the purchase price calculation method, responsibilities of both parties, payment terms, and other pertinent details, this agreement ensures a smooth and legally sound transaction. Different variations of this agreement may exist based on industry-specific considerations or specific terms negotiated by the parties involved.