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Bill of Sale in Connection with Sale of Business by Individual or Corporate Seller - Minnesota 2025

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The document is a Bill of Sale outlining the transfer of various assets from the Seller(s) to the Purchaser(s) for a specified consideration. It details the items being sold, including furniture, equipment, inventories, operating data, intellectual property, and other rights associated with a business located in Minnesota. The Seller(s) warrant that they have the authority to sell these assets free of liens and encumbrances and agree to assist in transferring ownership as needed.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Seller's name and address in the designated fields. Ensure accuracy as this information is crucial for legal identification.
Next, specify the Purchaser's details, including their name and address. This section should reflect the individual or corporate entity acquiring the business.
In the body of the document, clearly list all assets being sold, such as equipment, inventory, and intellectual property. Use Schedule 1 for a detailed itemization.
Review any Assigned Agreements listed on Schedule 2 to ensure all relevant contracts are included in the sale.
Complete the acknowledgment section at the end of the document. This may require notarization depending on your local regulations.
Finally, sign and date the document where indicated. If applicable, include corporate signatures and titles for corporate sellers.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can you just write a bill of sale on a piece of paper?

Can a bill of sale be handwritten? While it is common to present a bill of sale in a digital format, you can also create a handwritten bill of sale. Whats most important is to include all of the pertinent details in the bill of sale in order to protect both parties.

What paperwork do I need to transfer a title in MN?

All sellers must complete and sign the title in the sellers section on the front of the title. All buyers must complete and sign the buyers section (next to the sellers section) as well as complete and sign the Application for Title by Buyer section.

Does Minnesota require a bill of sale?

To make a legally binding bill of sale, you must follow state laws and include specific information like the buyers name, sellers name, contact information, description of the item, sale price, date of the sale, sellers signature, and in some cases, the buyers signature.

What makes a bill of sale legally binding?

Incomplete Information: One of the most common mistakes when using a bill of sale is not including all the necessary information. This can include missing information about the buyer or seller, the price of the item, the date of the sale, and the condition of the item.

What are the common mistakes in bills of sale?

The short answer is that both the buyer and seller should retain the bill of sale for their records. This document protects everyone involved should any disagreements arise in the future. Typically, the buyer should keep the original and the seller should keep a copy.

How to write a bill of sale in MN?

A Minnesota vehicle bill of sale should include several key details related to the transaction, such as: The buyers name, sellers name, their addresses, and drivers license numbers. The vehicle information, including its license plate and body type. The sales price/purchase price. The date of sale.

Is a bill of sale required in Minnesota?

Minnesota doesnt require a bill of sale to transfer a title or register a vehicle. But the document can still offer legal protection for both buyers and sellers.

Bill of Sale in Connection with Sale of Business by Individual or Corporate Seller - Minnesota 2025

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