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©2018 by Lawyak. Website & Marketing By Rapid Boost Marketing

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Business Purchase Agreement - Assets

Business Purchase Agreement - Assets

Pricing: $945

Delivery Timeline: 72 hours

A business purchase agreement is a written contract between a seller and a buyer related to a purchase of business assets. Such an agreement is also known as an asset purchase agreement. For a business entity, assets can be both tangible and intangible. These will include land of operation, client lists, contractual documents, inventories, patents, etc. The three main types of assets that are common in any business purchase agreement include:

  1. Employees: In a business purchase agreement of assets, if a complete transfer of a business takes place, then the buyer automatically gains the authority of the employees of the going concern under the Transfer of Undertakings (Protection of Employment) (TUPE) regulation.

  2. Goodwill: As per the idea of goodwill, a buyer generally expects some form of restrictive covenants from his seller such a promise to not defame or compete with the buyer in the future.

  3. Stocks: The stocks owned by the company at the time of being sold are specified in the business purchase agreement.

 

Lawyak is a firm that holds expertise in drafting all forms of business agreements and contracts. We use this to the best of our knowledge and create detailed business purchase agreements that comply with all the necessary rules and regulations.

 

What will the Business Purchase Agreement Include?

A business purchase agreement needs to be very precise in order for the businesses to be able to make the proper purchase and selling of the assets of a company. Missing out on a minute detail can make the whole agreement invalid. The major elements that a business purchase agreement cannot miss out on include:

  1. Business Entities: The names of both the businesses that are partaking in the business partnership agreement are clearly identified in the agreement.

  2. Description of Assets: The assets that are being purchased by the buying business needs to be clearly enlisted in the agreement to avoid confusion. When enlisting the assets, providing a proper description of each asset is necessary along with the quantity it is available in. For example, number of chairs and desks. This needs to be as descriptive as possible.

  3. The Price: The cost that the buyer is paying to the seller needs to be clearly stated in the agreement along with collaterals and extra credits if any.

  4. The Warranties: In a business purchase agreement, the assets that are being exchanged need to have clearly stated warranties if any. Also, the condition of the assets at the time of purchase needs to be specified in the warranties section.

  5. Closing Requirements: The closing requirement section will consist of the final requirement before the agreement is finalized. These requirements will include the price being paid by the buyer, approvals by any external agencies if any and repairs if needed.

 

Why Choose Lawyak?

  1. Lawyak specializes in creating business agreements that are compliant to the provincial law.

  2. Our lawyers are experts who have experience in working with corporations throughout Edmonton.

  3. Our online portal enables you to easily choose your service in a matter of few minutes without having to visit our office.

  4. With our portal, you do not need to keep following up as you can check on the status of your agreements right on our portal.

 

Lawywak, therefore believes in providing a service that is not only fulfilling for your legal needs but also saving your time and energy.