This form involves the sale or gift of a small business from one individual to another. The word memorandum is sometimes used when the agreement and transfer has already taken place, but has not yet been reduced to writing. If the transfer is a gift (e.g., on family member to another), the figure of $1.00 could be used or $0.00. Another alternative could be to write the word gift in the blank for the consideration.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Oklahoma Memorandum of Agreement for Transfer of Business by Sole Proprietorship with Leased Premises is a legal document specifically created for individuals who intend to transfer their business ownership and assets when they operate as a sole proprietorship and rent their premises. This agreement serves as a binding contract between the current business owner, referred to as the "Transferor," and the prospective business owner, known as the "Transferee." By establishing clear terms and conditions, this agreement ensures a smooth transition of the business and offers legal protection to both parties involved. Keywords: Oklahoma, Memorandum of Agreement, Transfer of Business, Sole Proprietorship, Leased Premises Types of Oklahoma Memorandum of Agreement for Transfer of Business by Sole Proprietorship with Leased Premises: 1. Standard Agreement: This is the most commonly used variant that covers the transfer of business ownership, premises, assets, goodwill, and any existing contracts and agreements. It also includes provisions regarding the lease of the premises, assignments, security deposits, and rental payment responsibilities. 2. Limited Asset Transfer: This type of agreement is suitable when the transferor wants to retain certain assets like equipment, inventory, or intellectual property and only intends to transfer ownership of the business itself. The agreement will outline the specific assets being transferred and the remaining assets to be retained by the transferor. 3. Lease Substitution Agreement: In some cases, the transferee may wish to assume the existing lease agreement for the premises in which the business operates. This agreement facilitates the transfer of both the business ownership and the lease agreement, ensuring the transferee becomes the new tenant at the leased premises while also taking over the business. 4. Lease Termination Agreement: If the transferor wants to terminate the lease agreement entirely as part of the business transfer, this variation of the memorandum of agreement is suitable. It covers the details of lease termination, the responsibilities for lease termination costs, and the transferor's obligations to return the premises to the landlord. Note: It's always advisable to consult with a qualified attorney or legal professional while preparing or modifying any legal document, including the Oklahoma Memorandum of Agreement for Transfer of Business by Sole Proprietorship with Leased Premises, to ensure compliance with state laws and to address specific circumstances.
