Checklist for sale of a business

If you are planning to sell or buy the assets of a corporation, before you go to your lawyers office you should provide the answers to the  following questions:

  • Names and addresses of everyone involved in the sale
  • All assets and property that will be in part of the sale
  • What monies are being paid?
  • What are the debts and liabilities of the company?
  • Will the consideration be paid in installments or a lump sum?
  • When will payment be due?
  • Have all due diligence documents been obtained?  For example, have you inspected the books, property or business records?
  • Agree on a closing date
  • Are there any warranties?
  • Any intellectual property, such as the use of the company name be transferred?
  • Who pays any potential taxes?
  • Are there any employee agreements?
  • Are there any leases?
  • What happens if one party defaults?

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