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PURCHASE OF BUSINESS AGREEMENT
THIS PURCHASE OF BUSINESS AGREEMENT (the "Agreement") made and entered into this ________ day of ________________, ________ (the "Execution Date"),
BETWEEN:
____________________ of __________________________________________________(the "Seller")
OF THE FIRST PART
and
____________________ of _________________________(the "Purchaser")
OF THE SECOND PART
BACKGROUND
IN CONSIDERATION of the provisions contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the Parties agree as follows:
Purchase Price
$__________
IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.
_____________________________________________________(Seller)
_____________________________________________________(Purchaser)
A Purchase of Business Agreement is also known as:
A Business Purchase Agreement is a contract used to transfer the ownership of a business from a seller to a buyer.
It includes the terms of the sale, what is or is not included in the sale price, and optional clauses and warranties to protect both the seller and the purchaser after the transaction has been completed.
A Purchase of Business Agreement can be used to buy or sell any type of business, including retail stores, industrial shops, restaurants and eateries, professional service offices, and many others.
A Purchase of Business Agreement should be used by anyone who is looking to purchase or a sell a business. The agreement can help specify details in the sale including what aspects of the business are for sale (i.e. assets or shares).
Purchase of Assets
When you purchase assets in a business, you are not purchasing the business itself, but only one aspect of it. That may mean a product, client list, or type of intellectual property. The company or business retains its name, liabilities, and tax filings.
Assets can include:
Assets exclude:
Purchase of Shares
When you purchase shares in a company, you are purchasing a portion of all aspects of the business. If you buy all of the shares in the company, you own all facets of the business.
A Purchase of Business Agreement may include four different restrictive clauses or warranties, including:
When a buyer takes on a loan, mortgage, or accounts payable balance they are assuming a liability for the business. Buyers may take on some, all, or none of the liabilities accrued by the seller during the lifetime of the business.
Sample
Purchase of Business Agreement
Create Your Purchase of Business Agreement
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