The purchase agreement is the key document in buying the business
assets or stock of a corporation. It is important to make sure the
agreement is accurate and contains all the terms of the purchase.
It would be a good idea to have a business law attorney review this
document. It is in this agreement that you should define everything
that you intend to purchase of the business, assets, customer lists,
intellectual property, and goodwill.
The following is a checklist of items that should be addressed
in the agreement:
• Names of Seller, Buyer, and Business
• Background information
• Assets being sold
• Purchase price and Allocation of Assets
• Covenant Not to Compete
• Any adjustments to be made
• The Terms of the Agreement and payment terms
• List of inventory included in the sale
• Compliance with the Bulk Sales laws of the state
• Any representation and warranties of the seller
• Any representation and warranties of the buyer
• Determination as to the access to any business information
• Determination as to the running of the business prior to
closing
• Contingencies
• Possibilities of having the seller continue as a consultant
• Fees, including brokers fees
• Date of closing
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