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#BUSINESS BILL OF SALE TEMPLATE PROFESSIONAL#
Make sure you seek professional advice before you sign the contract. Even if the seller agrees to provide legal indemnities, you may be exposed to unexpected claims. When you buy shares in an existing company, you are exposed to all outstanding claims against the company in which you will own equity.pending legal action, tax disputes, overdue creditors).
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When you buy assets, it is relatively easy to establish whether the assets are unencumbered and that you are not inheriting any potential liabilities that may be associated with the sellers past history (e.g.you purchase all the shares in the business and, so, take over all its assets and liabilities).īefore deciding whether to buy shares or assets consider the following: purchase contract for shares in the business (i.e.you purchase only specific assets that the business currently owns) purchase contract for the assets of a business (i.e.There are basically 2 types of contracts: You should consult a legal adviser and accountant for advice on the tax and legal implications the transaction has for you. A written contract ensures that both parties clearly understand what each is agreeing to provide, for what cost and for what method of payment. After you and the seller have agreed on a price for the business and what the price covers, you'll usually draw up a contract to give legal force to your agreement.