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HOW IT WORKS
How it works
Reviewed by Rocket Lawyer On Call Attorney Mitch Onu, Esq
If you're looking to buy a business or you own a business and want to sell it, a Business Purchase Agreement sets down the terms of the sale. Transferring ownership of a business is a significant transaction, so getting your agreement in writing is essential. We'll give you step-by-step guidance to customize your Business Purchase Agreement.
When you want to buy or sell a business, a Business Purchase Agreement allows both parties to settle on the terms of the sale. This includes the purchase price and the closing details of the transaction. ALso, you'll both agree to certain representations and warranties. For example, you, the seller, may need to warrant your business is in good standing with the state. Other provisions include confidentiality and non-compete clauses. Before creating this Agreement, a buyer and seller may want to complete a Sale of Business Assets Worksheet to get prepared.
Other names for this document: Business Sale Agreement, Small Business Purchase Agreement, Sale of Business Agreement
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