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 Travis Texas Agreement for Sale of Business by Sole Proprietorship with Leased Premises is a legal document that outlines the terms and conditions for the sale of a business by a sole proprietorship that operates from leased premises in Travis County, Texas. This agreement is crucial for protecting the rights and interests of both the buyer and seller involved in the transaction. Some key features typically included in the Travis Texas Agreement for Sale of Business by Sole Proprietorship with Leased Premises are: 1. Business Details: This section provides a comprehensive description of the business being sold, including its name, location, and nature of operations. It may also include information about licenses, permits, and intellectual property rights associated with the business. 2. Purchase Price and Payment Terms: Here, the agreement specifies the total purchase price for the business, including any adjustments or contingencies. It outlines the payment terms, such as down payment, installment plans, or lump sum, and the timeline for completing the payment. 3. Assets and Liabilities: This clause details the assets and liabilities being transferred with the business. It may include tangible assets like equipment, inventory, and leasehold improvements. Additionally, it outlines the assumption or exclusion of any debts, loans, or obligations by the buyer. 4. Due Diligence: To ensure transparency and protect both parties, the agreement may include provisions for due diligence, allowing the buyer the opportunity to review financial records, customer contracts, leases, and any other relevant documents. 5. Lease Agreement: Since the business operates from leased premises, this section addresses the transfer or assignment of the lease to the buyer. It outlines the obligations and rights of both parties with respect to the lease, including terms for consent from the landlord. 6. Non-Competition and Non-Solicitation: To protect the value of the business being sold, the agreement may contain clauses restricting the seller from competing with the buyer within a specified geographic area and poaching customers, employees, or suppliers. 7. Closing and Escrow: This section outlines the process and conditions for the closing of the sale. It may include provisions for an escrow account to hold the purchase price until all closing requirements, such as obtaining necessary approvals or permits, are fulfilled. Different types or variations of the Travis Texas Agreement for Sale of Business by Sole Proprietorship with Leased Premises may exist based on specific needs or circumstances. For example, there could be variations specific to different industries, such as food services, retail, or professional services. Additionally, the terms and conditions of the agreement may vary depending on factors such as the size of the business, the duration of the lease, or any unique considerations related to the sole proprietorship.The Travis Texas Agreement for Sale of Business by Sole Proprietorship with Leased Premises is a legal document that outlines the terms and conditions for the sale of a business by a sole proprietorship that operates from leased premises in Travis County, Texas. This agreement is crucial for protecting the rights and interests of both the buyer and seller involved in the transaction. Some key features typically included in the Travis Texas Agreement for Sale of Business by Sole Proprietorship with Leased Premises are: 1. Business Details: This section provides a comprehensive description of the business being sold, including its name, location, and nature of operations. It may also include information about licenses, permits, and intellectual property rights associated with the business. 2. Purchase Price and Payment Terms: Here, the agreement specifies the total purchase price for the business, including any adjustments or contingencies. It outlines the payment terms, such as down payment, installment plans, or lump sum, and the timeline for completing the payment. 3. Assets and Liabilities: This clause details the assets and liabilities being transferred with the business. It may include tangible assets like equipment, inventory, and leasehold improvements. Additionally, it outlines the assumption or exclusion of any debts, loans, or obligations by the buyer. 4. Due Diligence: To ensure transparency and protect both parties, the agreement may include provisions for due diligence, allowing the buyer the opportunity to review financial records, customer contracts, leases, and any other relevant documents. 5. Lease Agreement: Since the business operates from leased premises, this section addresses the transfer or assignment of the lease to the buyer. It outlines the obligations and rights of both parties with respect to the lease, including terms for consent from the landlord. 6. Non-Competition and Non-Solicitation: To protect the value of the business being sold, the agreement may contain clauses restricting the seller from competing with the buyer within a specified geographic area and poaching customers, employees, or suppliers. 7. Closing and Escrow: This section outlines the process and conditions for the closing of the sale. It may include provisions for an escrow account to hold the purchase price until all closing requirements, such as obtaining necessary approvals or permits, are fulfilled. Different types or variations of the Travis Texas Agreement for Sale of Business by Sole Proprietorship with Leased Premises may exist based on specific needs or circumstances. For example, there could be variations specific to different industries, such as food services, retail, or professional services. Additionally, the terms and conditions of the agreement may vary depending on factors such as the size of the business, the duration of the lease, or any unique considerations related to the sole proprietorship.
