This form involves the sale of a small business where the real estate on which the Business is located is leased from a third party. This form assumes that the Seller has received the right to assign the lease from the lessor/owner.
The Ohio Agreement for Sale of Business by Sole Proprietorship with Leased Premises is a legal document that outlines the terms and conditions of the sale of a business operated as a sole proprietorship, where the business premises are leased. This agreement serves as a contract between the current owner of the business (the seller) and the prospective buyer, providing a comprehensive framework for the transfer of ownership and assets. Key provisions included in the Ohio Agreement for Sale of Business by Sole Proprietorship with Leased Premises may encompass the following: 1. Parties to the Agreement: Identify the seller (current owner) and the buyer (prospective new owner) by their legal names and addresses. 2. Purchase Price and Payment Terms: Specify the agreed-upon purchase price for the business, including any down payment, installment plans, or financing arrangements. 3. Assets Included: Outline all the tangible and intangible assets being transferred, such as inventory, equipment, licenses, trademarks, patents, customer lists, and goodwill. 4. Lease Agreement: Detail the terms and conditions of the lease agreement for the business premises, including the monthly rent, lease duration, renewal options, and any specific clauses relevant to the buyer. 5. Due Diligence: Allow the buyer a reasonable period to conduct a thorough investigation of the business, its financial records, tax returns, contracts, and any other relevant documents. 6. Representations and Warranties: Include statements made by the seller regarding the accuracy and completeness of the business's financial statements, tax obligations, legal compliance, and any pending litigation or disputes. 7. Non-Competition and Non-Solicitation: Restrict the seller from competing with the business or soliciting its customers for a specified period within a defined geographic area after the sale. 8. Closing and Transfer of Ownership: Specify the date of the business transfer and outline the process for executing the transfer, including the delivery of necessary documents, payments, and any required consents or approvals. 9. Governing Law: State that the agreement will be governed by the laws of Ohio and that any disputes will be resolved through arbitration or in the state courts of Ohio. 10. Signatures and Date: Provide space for both parties to sign and date the agreement, demonstrating their acceptance and understanding of the terms and conditions. Different variations or subcategories of the Ohio Agreement for Sale of Business by Sole Proprietorship with Leased Premises may include agreements specific to various industries or sectors such as retail, hospitality, healthcare, or manufacturing. These specialized agreements may have additional clauses tailored to the particular needs and challenges of those industries.
