About this document:
Buying a running business comes with its own problems and difficulties. The mistakes of the previous owner could cast a muddy spell on the new owner and may add to responsibilities while leading to more of fire fighting than enjoyment of the acquisition. It is therefore, important that issues, elementary and vital that may affect in the long run may be addressed with great care. Especially drawn to address the needs of an arrangement governing sale and purchase of a small service business, this document promises to address all eventualities in a transaction of this nature. The meticulous approach that has been adopted in creation adds up to the value and usefulness of the concept.
There are no specific legal provisions that govern a legal document of this nature; you still have the liberty to make alterations and additions that exactly suit your situation or the case. With very small changes the document can be altered to use in completely different circumstances even in jurisdictions outside India.
Who will use this document?
Any proprietorship firm, partnership firm, trust or individual buying / selling a small service business from a similar or different entity.
Key features:
· very flexible to suit most eventualities;
· suitable for any type of business;
· extensive explanatory notes;
· Appropriate legal provisions, warranties and exclusions;
· simple user friendly language;
· sale includes websites and Internet domain names;
This document includes provision for:
· Definitions that touch all aspects of the arrangement;
· very specific identification of the business, assets, liabilities and other relevant details;
· Purchase price;
· Items to be delivered;
· Representations and warranties of the buyer and seller;
· Debtors, creditors and liabilities;
· Future activities;
· Non-compete; confidentiality;
· Warranties that cover aspects of assets, accounts, IP, employees, insurance, contracts, licenses and passwords etc. with great detail and protect the buyer;
