Sale of Business Assets
In legal terms, business assets are not limited to physical items like office equipment, property, machinery, and merchandise; assets can also include business names, trademarks, stock holdings, patents, future interests, and other non-physical items. The sale of business assets is done for many reasons, and when drafting or reviewing a sale of assets agreement, the counsel of a good attorney can make a world of difference.
The selling of business assets is typically done when a business closes its doors, merges with another company, or is sold to a new owner. Though business assets are often sold individually or in small, separate quantities, many sale of asset agreements are drafted for mergers and acquisitions where all of the assets of a business are sold at once to the purchasing individual or company. In either case, it is extremely important for the seller to have an accurate and exhaustive inventory of every asset the business owns.
The list of a company’s assets can be enormous, and assigning a reasonable value to each individual asset can become tedious, to say the least. Additionally, it is important for each asset to be represented accurately in the sale of asset agreement both so the buyer fully understands what is being purchased and so the seller is protected if a dispute arises over the sale. Having a real estate lawyer draft and/or review this often complex contract can mean the difference between a mutually beneficial sale of assets and a lengthy, confusing transaction that leaves one or both parties unsatisfied.
Chluski Law has been representing clients in South Florida since 2004 in real estate transactions of all varieties–including the sale of business assets. We make sure that our clients are made fully aware of the benefits and possible drawbacks to any contract we draft or review, and pride ourselves on helping our clients make the best possible decisions for their individual situations. If you are dissolving a business, merging with or selling to another company, or acquiring a new business, we’ll make sure that the sale of assets agreement you sign is fair, accurate, and beneficial. Please give us a call at (561) 931-0439.