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?