Agreement For Sale Of Business Sole Proprietorship Philippines

This commercial sales contract (the “Contract”) is entered into and entered into on [insert date] of [INSERT SELLER`S NAME], a business activity as [insert company name] (hereinafter referred to as “the company”), whose registered office is in [Insert business address] (“Seller”) and [insert name] with its registered office in [Insert Buyer`s address] (“Buyer”). On the other side. In summary, sellers and buyers are referred to as “parties” and sometimes individually referred to as “parties”. The company has a good reputation under the laws of the state [INSERT STATE] and is qualified to operate in the state [INSERT STATE]. The debt and legal obligations contracted by the owner cannot be transferred to others and must remain with them throughout the process of transferring the company`s assets. Intangible and material assets can be transferred to the new owner. Assets can be transferred to any other type of business entity, for example. B to an LLC or a company, provided that it is a single business structure. The first step in selling your sole proprietorship is consulting with a lawyer. A lawyer can provide you with the best trial for your jurisdiction and help you define the assets to include in the sale. The lawyer can help you define the documents and contracts that must be drawn up and signed by both the buyer and the seller. Each party, the buyer and seller, should have at least the final sales documents verified by a competent lawyer.

1. The seller now owns and operates a store that is the __ This Agreement contains the entire agreement of the parties and there are no other commitments or conditions, whether that is the subject matter of the Contract, either orally or in writing. This Agreement supersedes all prior written or oral agreements between the parties. Following this transaction, the seller will not make transactions, directly or indirectly, during a period of [insert number] for a period of years: ____ Direct or indirect participation in a competitive transaction is not limited to: (i) participation in an undertaking as owner, partner or representative, (ii) employment of a third party participating in such a transaction, (iii) the direct or indirect interest in such a transaction or (iv) the promotion of a current client, officer or employee of [INSERT NAME] to a third party; who participates in such an operation. From a legal point of view, there are very few requirements for the creation or sale of a sole proprietorship. A sole proprietorship was designed to have only one owner. Therefore, if the owner dies or the business is sold, the structure dissolves automatically. . . .

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