Orange California Checklist - Sale of a Business

Name: Orange California Checklist - Sale of a Business
Brand: US Legal Forms
Rating: 4.7 (319 reviews)

Category:

Small Business - Business Sale

State:

Multi-State

County:

Orange

Control #:

US-04096BG

Format:

Instant download

Description

The sale of any ongoing business, even a sole proprietorship, can be a complicated transaction. The buyer and seller (and their attorneys) must consider the law of contracts, taxation, real estate, corporations, securities, and antitrust in many situations. Depending on the nature of the business sold, statutes and regulations concerning the issuance and transfer of permits, licenses, and/or franchises should be consulted. If a license or franchise is important to the business, the buyer generally would want to make the sales agreement contingent on such approval. Sometimes, the buyer will assume certain debts, liabilities, or obligations of the seller. In such a sale, it is vital that the buyer know exactly what debts he/she is assuming.

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Minimize your taxes on the sale Structure the transaction beneficially.Seek capital gains treatment.Take a loss on other investments.Consider tax-free investments.Remember charitable donations.Consider gifts.Max out your IRA or other retirement plan contributions.Prepay your state and/or local taxes.

Parties involved in the deal determine who bears the expense of due diligence. Both buyer and seller typically pay for their own team of investment bankers, accountants, attorneys, and other consulting personnel.

Small business owners often exhibit a great sense of urgency to close a deal once they've made the decision to sell. But as the BizBuySell data points out, the process of selling a business typically takes at least six months - a timeline that most owners don't anticipate.

In short, due diligence is the process by which the buyer requests any documents, data, and other information that it would like to review in order to identify any potential liabilities or roadblocks to the consummation of the transaction.

The following assets and liabilities are normally included in the sale: Working capital. Cash (but only the amount necessary to pay expenses for a reasonable period of time) Accounts receivable. Inventory. Work in progress. Prepaid expenses. Accounts payable. Wages payable.Furniture & fixtures. Equipment. Vehicles.

During this phase of the sale, your prospective buyer takes a deep dive into your company information to gain a better understanding of your business and assess any potential risks.

This is a template checklist which sets out the steps typically required to take a series A investment transaction from signing to completion.

What to include in a business sales contract. Name the parties. Clearly state the names and locations of the buyer and seller.List the assets.Define liabilities.Set sale terms.Include other agreements.Make your sales agreement digital.

How to Sell a Small Business in 7 Steps Determine the value of your company.Clean up your small business financials.Prepare your exit strategy in advance.Boost your sales.Find a business broker.Pre-qualify your buyers.Get business contracts in order.

The major steps involved in the sale of a business are: Letter of intent.Due diligence.Financing.Purchase agreement.State law compliance.Closing the deal.

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Each member of your sales team is important. Each can provide information and assistance to prospective buyers.Listed as the responsible officer when completing Form BT-1. •. Business location's phone number and mailing address. •. We process title applications in the order they are received, and our goal is to complete each application within 10 business days. Get all the info you need to create a limited liability company online. Residential 1-4 sales are made easy with this complete checklist of all required disclosures. It helps to write a business plan when you are setting up your own company. There is no filing fee. Find out how to license your food service establishment.

Orange California Checklist - Sale of a Business

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