An asset purchase agreement is the most important document in a sales transaction for a business, whether you are the buyer or the seller. The agreement is a legal contract made between the two parties that set the terms and conditions related to the purchase and sale of any assets of a business. Assets can be tangible, such as real estate, office equipment, or any other type of property, or intangible, such as intellectual property, a business name or specific protocols and processes.
Why Use an Asset Purchase Agreement When Buying or Selling a Business?
Generic sales contracts that can be found online often do not cover important issues related to the transaction, such as taxes, warranties, contingencies, and other sections of the agreement, which should be tailored specifically to the transaction that will occur, and not a “one-size-fits-all” document. It is also better to transfer just the assets, instead of the stock or entity itself so the new owner can get a “fresh” start in the business and more clearly delineate the transfer of ownership.
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