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Click ‘Get Form’ to open it in the editor.
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.
Next, complete the 'Asset Purchase Agreement' by listing all assets being sold. Ensure that each item is clearly described to avoid any confusion.
Proceed to the 'Bill of Sale for Personal Assets'. Here, specify any personal items included in the sale, ensuring they are free from claims.
Fill out the 'Promissory Note' if financing is involved. Include loan amounts, interest rates, and repayment terms.
Complete the 'Landlord’s Consent to Assignment of Lease' if applicable. This ensures that lease agreements are transferred smoothly.
For employee retention, fill out the 'Retained Employees Agreement', detailing which employees will be kept on board post-sale.
Include a 'Non-Competition Covenant by Seller' to protect your business interests after the sale.
Finally, prepare a 'Profit and Loss Statement' to provide financial transparency during negotiations.

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How to sell a business in Maine?

Hire a Maine business broker to sell your business successfully. The time it takes to sell a company in Maine varies. Some businesses sell quickly when there is a large amount of interest in your industry. The process always takes a few months, but it can take more than a year, depending on the market.

What assets are included in the sale of a business?

A business usually has many assets. When sold, these assets must be classified as capital assets, depreciable property used in the business, real property used in the business, or property held for sale to customers, such as inventory or stock in trade. The gain or loss on each asset is figured separately.

What is the business opportunity law in Maine?

The Business Opportunity Law defines business opportunity as the sale of goods, services, products, etc. to a purchaser for an amount that exceeds $250, for the purpose of enabling the purchaser to start a business, and in which the seller represents to the purchaser one of the five enumerated representations under

How to avoid capital gains in Maine?

Capital gains tax and home sales However, to qualify for the exemption: The home must be your primary residence. You must have lived it in for at least two years in the five years before the sale. You cant have used the exclusion during the two years preceding the sale or exchange.