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 Hennepin Minnesota 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 owned by a sole proprietor with leased premises in Hennepin County, Minnesota. This agreement is essential for both the buyer and the seller to protect their rights and ensure a smooth transition of ownership. Key provisions in the Hennepin Minnesota Agreement for Sale of Business by Sole Proprietorship with Leased Premises may include: 1. Parties: Identifies the buyer and seller, including their legal names and addresses. 2. Business Description: Provides a detailed description of the business being sold, including its name, location, assets, and any existing liabilities. 3. Purchase Price: Specifies the agreed-upon price for the sale of the business. 4. Deposit: Outlines any deposit required and its refund ability in case the agreement falls through. 5. Assets Included: Enumerates all tangible and intangible assets included in the sale, such as inventory, equipment, fixtures, licenses, permits, and intellectual property rights. 6. Liabilities Excluded: States any assumed liabilities or debts that the buyer is not responsible for. 7. Lease Agreement: Addresses the terms of the existing lease agreement for the premises, including its duration, rental payments, renewal options, and any landlord consents required for the transfer of the lease. 8. Due Diligence: Allows the buyer to inspect and review the financial statements, tax returns, contracts, and other relevant documents of the business before the sale is finalized. 9. Closing Date: Specifies the date when the sale will be completed, including the transfer of ownership, payment of the purchase price, and any necessary legal filings. 10. Seller's Representations and Warranties: Assures the buyer that the seller has the legal authority to sell the business and that all provided information is accurate and complete. 11. Confidentiality: Imposes obligations on both parties regarding the use and protection of confidential information obtained during the negotiation and execution of the agreement. 12. Dispute Resolution: Specifies the method and forum for resolving any disputes or disagreements arising from the agreement. 13. Governing Law: Identifies the jurisdiction whose laws will govern the interpretation and enforcement of the agreement. Different types of Hennepin Minnesota Agreement for Sale of Business by Sole Proprietorship with Leased Premises may include variations based on specific industries, such as retail, hospitality, or service-oriented businesses. These variations may include unique provisions tailored to the particular industry's considerations, such as licensing requirements, customer lists, or specific equipment and inventory.The Hennepin Minnesota 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 owned by a sole proprietor with leased premises in Hennepin County, Minnesota. This agreement is essential for both the buyer and the seller to protect their rights and ensure a smooth transition of ownership. Key provisions in the Hennepin Minnesota Agreement for Sale of Business by Sole Proprietorship with Leased Premises may include: 1. Parties: Identifies the buyer and seller, including their legal names and addresses. 2. Business Description: Provides a detailed description of the business being sold, including its name, location, assets, and any existing liabilities. 3. Purchase Price: Specifies the agreed-upon price for the sale of the business. 4. Deposit: Outlines any deposit required and its refund ability in case the agreement falls through. 5. Assets Included: Enumerates all tangible and intangible assets included in the sale, such as inventory, equipment, fixtures, licenses, permits, and intellectual property rights. 6. Liabilities Excluded: States any assumed liabilities or debts that the buyer is not responsible for. 7. Lease Agreement: Addresses the terms of the existing lease agreement for the premises, including its duration, rental payments, renewal options, and any landlord consents required for the transfer of the lease. 8. Due Diligence: Allows the buyer to inspect and review the financial statements, tax returns, contracts, and other relevant documents of the business before the sale is finalized. 9. Closing Date: Specifies the date when the sale will be completed, including the transfer of ownership, payment of the purchase price, and any necessary legal filings. 10. Seller's Representations and Warranties: Assures the buyer that the seller has the legal authority to sell the business and that all provided information is accurate and complete. 11. Confidentiality: Imposes obligations on both parties regarding the use and protection of confidential information obtained during the negotiation and execution of the agreement. 12. Dispute Resolution: Specifies the method and forum for resolving any disputes or disagreements arising from the agreement. 13. Governing Law: Identifies the jurisdiction whose laws will govern the interpretation and enforcement of the agreement. Different types of Hennepin Minnesota Agreement for Sale of Business by Sole Proprietorship with Leased Premises may include variations based on specific industries, such as retail, hospitality, or service-oriented businesses. These variations may include unique provisions tailored to the particular industry's considerations, such as licensing requirements, customer lists, or specific equipment and inventory.
