Tennessee 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. The Tennessee 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 owned by a sole proprietorship in Tennessee. This agreement covers the transfer of ownership rights, as well as the sale of all goods, fixtures, and equipment associated with the retail store. The agreement specifies that the sale will be based on the invoice cost plus a predetermined percentage. This means that the buyer will pay the original cost price of the goods and fixtures, as stated in the invoices, along with an agreed-upon additional percentage. This method ensures a fair valuation of the assets and takes into account any depreciation or appreciation since the items were initially purchased. This agreement can be customized to suit different types of retail stores and businesses, such as clothing stores, grocery stores, electronics stores, or any other kind of retail establishment. The specific terms and conditions may vary depending on the nature of the business, the inventory and fixtures involved, and the negotiations between the buyer and seller. In addition to the basic terms of the sale, a Tennessee Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage may include the following key elements: 1. Purchase Price: The total amount to be paid by the buyer, which includes the invoice cost of the goods and fixtures plus the agreed-upon percentage. 2. Payment Terms: The agreed-upon method and schedule for payment, which can include a lump sum payment, installment payments, or any other mutually acceptable arrangement. 3. Inventory and Fixtures: A detailed description of all the goods, inventory, and fixtures included in the sale, along with their invoice cost and the percentage to be added. 4. Transfer of Ownership: The specific conditions and timeline for transferring ownership rights and responsibilities from the seller to the buyer. 5. Liabilities and Indemnification: The allocation of any existing liabilities, such as outstanding loans, leases, or contracts, as well as provisions for indemnification in case of any future claims or disputes related to the sold retail store. 6. Non-Compete Agreement: A provision restricting the seller from engaging in similar business activities within a specific geographic area and for a certain period of time to prevent unfair competition. It is important to consult with legal professionals or business advisors to ensure that the Tennessee Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage accurately reflects the intentions of both parties and complies with the relevant laws and regulations in Tennessee.

The Tennessee 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 owned by a sole proprietorship in Tennessee. This agreement covers the transfer of ownership rights, as well as the sale of all goods, fixtures, and equipment associated with the retail store. The agreement specifies that the sale will be based on the invoice cost plus a predetermined percentage. This means that the buyer will pay the original cost price of the goods and fixtures, as stated in the invoices, along with an agreed-upon additional percentage. This method ensures a fair valuation of the assets and takes into account any depreciation or appreciation since the items were initially purchased. This agreement can be customized to suit different types of retail stores and businesses, such as clothing stores, grocery stores, electronics stores, or any other kind of retail establishment. The specific terms and conditions may vary depending on the nature of the business, the inventory and fixtures involved, and the negotiations between the buyer and seller. In addition to the basic terms of the sale, a Tennessee Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage may include the following key elements: 1. Purchase Price: The total amount to be paid by the buyer, which includes the invoice cost of the goods and fixtures plus the agreed-upon percentage. 2. Payment Terms: The agreed-upon method and schedule for payment, which can include a lump sum payment, installment payments, or any other mutually acceptable arrangement. 3. Inventory and Fixtures: A detailed description of all the goods, inventory, and fixtures included in the sale, along with their invoice cost and the percentage to be added. 4. Transfer of Ownership: The specific conditions and timeline for transferring ownership rights and responsibilities from the seller to the buyer. 5. Liabilities and Indemnification: The allocation of any existing liabilities, such as outstanding loans, leases, or contracts, as well as provisions for indemnification in case of any future claims or disputes related to the sold retail store. 6. Non-Compete Agreement: A provision restricting the seller from engaging in similar business activities within a specific geographic area and for a certain period of time to prevent unfair competition. It is important to consult with legal professionals or business advisors to ensure that the Tennessee Agreement for Sale of Retail Store by Sole Proprietorship with Goods and Fixtures at Invoice Cost Plus Percentage accurately reflects the intentions of both parties and complies with the relevant laws and regulations in Tennessee.