Pima Arizona Sale of Business - Retained Employees Agreement - Asset Purchase Transaction
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FAQ
An asset purchase agreement (also known as a 'business purchase agreement' or 'APA') is an agreement setting out the terms and conditions relating to the sale and purchase of assets in a company.
Where a transaction is structured as an asset sale, the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) may operate to transfer the employees from the seller to the buyer.
In an asset purchase, the buyer agrees to purchase specific assets and liabilities. This means that they only take on the risks of those specific assets. This could include equipment, fixtures, furniture, licenses, trade secrets, trade names, accounts payable and receivable, and more.
An asset purchase agreement, also known as an asset sale agreement, business purchase agreement, or APA, is a written legal instrument that formalizes the purchase of a business or significant business asset. It details the structure of the deal, price, limitations, and warranties.
Parts of an Asset Purchase AgreementRecitals. The opening paragraph of an asset purchase agreement includes the buyer and seller's name and address as well as the date of signing.Definitions.Purchase Price and Allocation.Closing Terms.Warranties.Covenants.Indemnification.Governance.More items...
At the closing of an asset purchase, employees of the seller are generally terminated as employees of the seller, and after closing, those employees are rehired by the purchaser.
The employees who are employed by the target entity will generally come with the transaction, like a stock purchase. If certain employees at the seller/parent company provide significant services to the target entity, then the transaction will act like an asset purchase with respect to this group of employees.
If the take-over is by way of a share purchase, your employment will continue as it was before. Although there will be new owners of the business, the identity of your employer will essentially stay the same, and your employment will continue as normal.