Sale of a Business Package - Texas 2025

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  1. Click ‘Get Form’ to open the Sale of a Business Package in the editor.
  2. Begin with the 'Agreement for Sale of Business - Sole Proprietorship'. Fill in the seller's and buyer's details, including names and addresses, as well as the agreed sale price.
  3. Next, complete the 'Asset Purchase Agreement' by listing all assets being sold. Ensure that each item is clearly described to avoid any confusion.
  4. Proceed to the 'Bill of Sale for Personal Assets'. Here, specify any personal items included in the sale, ensuring they are free from claims.
  5. Fill out the 'Promissory Note' if financing is involved. Include loan amounts, interest rates, and repayment terms.
  6. Complete the 'Landlord’s Consent to Assignment of Lease' if applicable. This ensures that lease agreements are honored post-sale.
  7. Finalize by reviewing all forms for accuracy and completeness before saving or printing your documents.

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Legal and Tax Implications of Selling Your LLC Tax Consequences: Selling assets might trigger capital gains taxes; selling membership interests may impact self-employment taxes. A CPA can guide the most tax-efficient route.
Yes, you can. A well-drafted Operating Agreement outlines the process for selling your LLC interest. Without an OA, all members must agree to a sale or transfer.
Make sure you have all the necessary tax-related documents from the past three years, including tax returns and W-2s, as well as all federal, state and local business licenses. If you are selling a corporation or limited liability company (LLC), make sure you have the appropriate resolutions authorizing the sale.
The entity must: Take the necessary internal steps to wind up its affairs. Submit two signed copies of the certificate of termination. Unless the entity is a nonprofit corporation, attach a Certificate of Account Status for Dissolution/Termination issued by the Texas Comptroller. Pay the appropriate filing fee.
To dissolve your Texas LLC, you must file a Certificate of Termination with the Secretary of State. There is a $40 filing fee. The form can be filed online.

People also ask

Companies with under $3m in sales will typically sell for 2.5 3.5 X their discretionary earnings (total cash the owner could take out of the company). Smaller companies that are even more owner-reliant will even be lower than that.

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