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PURCHASE OF BUSINESS AGREEMENT
THIS PURCHASE OF BUSINESS AGREEMENT (the "Agreement") made and entered into this ________________________ 20______ (the "Execution Date"),
BETWEEN:
____________________ of __________________________________________________(the "Seller")
OF THE FIRST PART
and
____________________ of _________________________(the "Purchaser")
OF THE SECOND PART
BACKGROUND
IN CONSIDERATION of the provisions contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows:
Purchase Price
$__________
IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on this ________________________ 20______.
_____________________________________________________(Seller)
_____________________________________________________(Purchaser)
A Purchase of Business Agreement is also known as a/an:
A Purchase of Business Agreement is a contract used to transfer the ownership of a business from a seller to a buyer.
A purchase agreement includes:
A Purchase of Business Agreement can be used to buy or sell any type of large or small business, including retail stores, industrial shops, restaurants and eateries, professional service offices, and more.
A Purchase of Business Agreement should be used by anyone who is looking to purchase or a sell a business. The agreement can help specify details in the sale including what aspects of the business are for sale (i.e. assets or shares).
A Business Purchase Agreement works by having the business owner sell either the assets or shares of their business to a buyer.
Purchase of Assets
When a buyer purchases a business's assets, they are not purchasing the business itself, but only certain properties of the business. That may mean a product, client list, or type of intellectual property. The company or business retains its name, liabilities, tax filings, etc.
Assets can include:
Assets that are commonly excluded from the purchase include:
Purchase of Shares
When a buyer purchases shares in a company, they are purchasing a portion of the entire business entity. If they buy all of the shares in the company, they own all facets of the business.
Liabilities are the debts a company (or individual buyer) becomes responsible for after buying a business.
When a buyer takes on a loan, mortgage, or accounts payable balance for a business, they are assuming a liability for that business. Buyers may take on some, all, or none of the liabilities accrued by the seller during the lifetime of the business depending on what has been agreed upon in the purchase contract.
Sample
Purchase of Business Agreement
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