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A Business Sale Agreement, also sometimes called a Business Purchase Agreement, is a document which the seller of a company and their chosen buyer can enter into when an entire business is being sold. Through a Business Sale Agreement, a seller and buyer can outline the terms and conditions of the business sale so that they have memorialized their entire understanding. A Business Sale Agreement contains provisions about the basic logistics of the sale, like pricing information, of course, but also contains the information required for an equitable relationship between the parties, such as liability allocation.
A Business Sale Agreement is absolutely essential when two parties are discussing the sale and transfer of a business. Business sales can be structured through what is called an asset sale, which means that all of the assets of the business are sold, and therefore, control and ownership of the business is sold. They can also be structured through share sales, which means that all of the shares of the business are sold, and therefore, control and ownership is transferred. In a share sale, all of the shares of the business must be sold in order to transfer control.
A good Business Sale Agreement will have all of the details of the parties transaction written down, including, but not limited to obligations of the buyer and seller, employee transfer information, and what happens if the sale fails to go through.
How to use this document
This document can be used for a seller getting ready to enter into a relationship with a buyer to transfer a business, or for a buyer looking to purchase a business and needing an agreement to memorize that. In this document, pertinent identifying details will be entered, such as whether the parties are individuals or businesses (most often, in Business Sale Agreements, it is a company selling to a company, but of course, individuals may sell off their businesses, as well), and their respective addresses and contact information. The user will also input the most important characteristics of the agreement between the parties, like a description of how the sale will be structured, price information, and covenants (or promises) of the parties.
This Business Sale Agreement will help cover everything that needs to be addressed before the sale of the business goes through.
When this document is filled out, it should be printed and signed by the relevant parties, then retained by each signatory.
Business Sale Agreements in the United States are generally subject to specific state laws, but may also be governed by the SEC, Securities and Exchange Commission, which oversees stock transactions in the United States.
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