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A business bill of sale is a legal document that acknowledges the sale and transfer of ownership of a business. It is necessary when selling a business to provide proof of ownership for permits and registrations. The document outlines key information of the buyer and seller, sets terms of the sale, and records the transaction details. Essential terms include date of sale, buyer and seller's names and addresses, business details, assets, purchase price, transfer date, signatures, witnesses, and notary acknowledgement. State and local laws may require additional information.