The assets sale of a business requires a considerable amount of documentation, even if you are not transferring real estate. As such, you may need the assistance of a local asset protection lawyer regarding the matter.
The documents and other relevant items your Utah asset protection lawyer may require for the sale of your business include:
1. Broker or Finder Agreement
In general, prepared and signed pre-closing, along with the letter of intent and asset purchase agreement.
2. Letter of Intent
In general, prepared and signed pre-closing, along with the broker agreement and asset purchase agreement.
3. Asset Purchase Agreement
In general, prepared and signed pre-closing, along with the broker agreement and letter of intent.
4. Exhibits to Asset Purchase Agreement
The parties normally prepare these contracts with the asset purchase agreement, and sign and deliver them, along with the other documents at the closing of the sale.
5. List of Assumed Contracts
6. List of Liabilities Assumed
7. Promissory Note
8. Security Agreement
9. Escrow Agreement
10. Disclosure of Claims, Liens, and Security Interests
11. List of Trademarks, Trade Names, Assumed Names, and Internet Domain Names
12. Disclosure of Licenses and Permits
13. List of Existing Warranty Claims
14. Obligations to Brokers
15. Required Waivers and Consents
16. List of Employees and Consultants of Seller
17. The buyer will need to reach agreements or contracts with the employees under this list.
18. Employment or Consulting Agreements
19. Noncompetition Agreements
20. Certified Check or Wire Transfer of Amount Due at Closing of Sale
21. Check to Broker
22. Security Agreement
23. U. C. C.1 Financing Statement
24. Escrow Agreement
25. Certificate of Officer of Seller (Incorporation and Authority)
26. This also includes a certified copy of the authorizing corporate resolutions.
27. Certificate of Officer of Buyer (Incorporation and Authority)
28. This also includes a certified copy of the authorizing corporate resolutions.
29. Assignment of Contracts and Leases
30. These also include consents where they are required.
31. Bill of Sale
32. Vehicle Title Certificates
33. Keys to Premises and Vehicles
Any asset sale requires meticulous paperwork, so you must be ready along with your attorney. Have these documents prepared beforehand to ensure a smooth process.