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A business bill of sale is a legal document that formalizes the sale and transfer of ownership of a business. It is necessary for local and state governments as proof of ownership for permits and registrations. The document outlines the terms of the sale and includes essential information such as the date of sale, names and addresses of the buyer and seller, business details (including incorporation state and main headquarters), assets, shares, personal property, purchase price, and dates of money transfer. Additionally, the document requires signatures from both parties, witness signatures, and a certificate of acknowledgment from a notary. Specific local and state laws may necessitate further details.