This form is used for the transfer of goods related to your business.
A Bill of Sale is a document that contains in writing the details of a sale of goods or transfer of property from one party or another. In the case of a Business Bill of Sale, it can concern the transfer of goods related to a business or the transfer of ownership of the business itself.
Generally, a bill of sale is drafted by the party that is selling a particular thing (in this case, the “Seller”, and includes the details of the transaction to be made. The party that is buying a good, business, or other kinds of valuable (the “Buyer” in this case) may also bring their own bill of sale, though this is not as common as it is usually provided by the Seller.
For smaller transactions like regular retail purchases, purchase receipts can be considered as a bill of sale, as they contain the specific items that have been sold to the buyer and the agreed-upon price for each item. However, bills of sale are most often used in the case of large transactions, such as with vehicles or even entire businesses.
Bills of sale are important in order to ensure that both the buyer and seller are protected by the terms of the agreements outlined in the bill of sale. In the case of disagreements or other such legal troubles that may arise in the future, a bill of sale is valuable for providing information on the transaction itself and what the terms agreed to by both parties were.
There are different types of bills of sale.
This business bill of sale is an example of an absolute bill of sale, as the seller need only be paid by the buyer for the purchase and transfer of ownership of the business. There are no additional requirements surrounding the continued ownership of the business by the buyer.
Bills of sale are valuable in many different kinds of transactions, as even absolute bills of sale can serve as useful records of transactions, which can be important for various purposes in the future.
The Business Bill of Sale is a very simple and easy form to fill out. Make sure, however, that you have the necessary documents with you to confirm the terms of the agreement, and that you have read and properly understood the contents of the bill of sale.
Enter the date that the bill of sale was signed and the names and addresses of the parties serving as the Buyer and Seller.
Enter the name of the business or property being sold, the state it is located in, and its main address.
Enter the agreed-upon price of the business or property being sold.
Enter the agreed-upon date by which the business or property should have been fully paid for.
To signify their willingness to share details about the operations and condition of the business or property being sold, the Seller must enter their signatures and their names in the spaces provided with a notary to witness the signing.
Do not sign the form before contacting and meeting with a notary. In most cases, a notary must personally witness a person signing the form or agreement in order for them to be able to properly verify that all parties or their representatives signed the form, themselves.
Contact and visit a notary. Make sure that both Buyer and Seller bring a government-issued, official ID with a picture, such as your Driver’s License or your Passport, in order to serve as proof of identity.
After the notary has verified your identities, the Seller must sign the “Agreement” section of this form, and allow the notary to stamp and sign this form in the space provided.
You may need to pay some fees to the notary, depending on the state, so make sure to do so for their service.
While this bill of sale is a very simple form to fill out, it is important to make sure that it is filled out properly in order to avoid future issues surrounding the purchase of the business or property or the nature of the transaction made.
Have relevant documents available for reference. If there are any pertinent documents you possess that contain important information on the transaction, make sure to have them ready to consult and ensure that all information you enter on the form is correct and updated. This will help you avoid any issues regarding the validity of the transaction and any possible legal matters related to the transaction in the future.
A notary is not a lawyer. A notary’s primary purpose is to prevent fraud, and as such will verify the identities of the parties involved in signing the document and ensure that all signatures are entered with a person’s free will and consent. They will not give advice regarding the contents of any form or the details of any transaction. Seek an attorney if you require legal advice before having your document notarized.
Practice good contract management. Both parties should create a copy of this agreement and store it in a safe and organized area in the event that it might be needed for consultation in the future for any legal matters.
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