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What Should Be Included in a Business Sale Contract?
May 15, 2020
Buying or selling a business presents challenges for small business owners who do not know what to include in the business sale contract. With help from The Law Office of Robert Eckard & Associates, they can make sure both parties know exactly what is involved.
Failing to include important items such as intangible and tangible assets and liabilities can cause problems long after the sale is complete. By taking advantage of assistance from Tampa FL business lawyers, problematic present and future issues can be avoided.
Start by Listing Items Included in the Sale
One of the first steps in drafting a contract for selling a business is to list everything that will be part of the sale. These items may include:
•Business records
•Cash
•Databases
•Formulas
•Inventory
•Physical assets
It is also good to list debts such as accounts payable and loans. A non-compete clause is necessary to prevent the seller from competing with the buyer once the transaction is complete.
Make Sure the Business Sale Contract Has a Disclosure Agreement
Tampa FL business lawyers will know the importance of including a disclosure agreement in the contract. This requires both the seller and buyer to disclose any encumbrances that could cause problems for the transaction.
Otherwise, the seller will be responsible for any undisclosed liabilities that the buyer discovers after the business sale.
Include Terms of the Business Sale
Equally important is to have the sale terms specified in the contract. Generally, this will include how and on what date the buyer is expected to make a payment or payments if the amount will be paid in installments.
Let an Attorney from The Law Office of Robert Eckard & Associates Help
If you are interested in either buying or selling a business, let The Law Office of Robert Eckard & Associates help you with the terms of the deal. An attorney with the firm will ensure your rights and responsibilities are protected.