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Commonly Asked Questions about US Business Sale Documents

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.
This includes specifics such as the business assets being transferred, the purchase price, and the timeline for closing. Once both parties have signed this legal document, it becomes binding, obligating them to adhere to the stipulated agreements and fulfill their respective commitments.
Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer. A business bill of sale is an important and necessary component to complete when selling or buying a business. The bill of sale is often legally necessary for a business sale.
You must prepare a sales agreement to sell your business officially. This document allows for the purchase of assets or stock of a corporation. An attorney should review it to make sure its accurate and comprehensive. List all inventory in the sale along with names of the seller, buyer, and business.
The legal documentation for your business must be meticulous. This includes all contracts, agreements, and licenses that your business holds. Every contract, from supplier agreements to customer contracts, should be reviewed to ensure they are in good standing and transferable to a new owner.
A purchase agreement is the primary legal document used for the acquisition of a business. The purchase agreement outlines all of the details of the sale and mirrors the LOI. Depending on how you structure this transaction you might also need: a bill of sale.
Form 4797 is a tax form distributed by the Internal Revenue Service (IRS). Form 4797 is used to report gains made from the sale or exchange of business property, including property used to generate rental income, and property used for industrial, agricultural, or extractive resources.