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Home Q&A Forum What should be included in an asset purchase agreement?

Business Contracts

Asset Purchase Agreement

New York

Asked on Oct 4, 2022

What should be included in an asset purchase agreement?

I am considering buying a chain of laundry mats and have been told I would need an asset purchase agreement for the legal paperwork involved. I don't believe I want to buy the business, but am not sure. I think I would just want to buy their machines and take over their leases. If this was the case, what would I need to have in an agreement?

2 Attorney answers

Answer

Business Contracts

New York

Answered 642 days ago

Donya G.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut, New York
Free Consultation

Yes, even though you dont intent to buy the entire business but only the machines and take over the leases (which may be allowed under their current lease or your would have to go directly to the landlord if it is not) you would still need an agreement that lays out what you are buying, the cost, what happens if you have a dispute and all the necessary things to protect your rights. I am a NY attorney that specializes in the purchase and sale of business and assets and can assist you with this. You can connect with me through the website at Donya Gordon. Donya Gordon

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.

Answer

Corporate

New York

Answered 642 days ago

Michael S.

ContractsCounsel verified

Business Lawyer
Licensed in Pennsylvania
Free Consultation

As the buyer, your preference is always to by the assets rather than the existing business entity. That way, you will have greater protection against liabilities of the business that arose before your purchase. You can also structure the deal so that you're buying only those assets you're interested in, and can carve out those assets you don't want to buy. You do want an attorney assisting you, as there are pitfalls in the process, and you want to be protected. Thanks.

Use of the ContractsCounsel Q&A Forum does not create an attorney-client relationship between User and any Lawyer User. The Forum is not a substitute for legal advice from a lawyer but is intended to be educational and to help the user determine if legal services are necessary. The Forum, Content, and communications on the Forum do not constitute legal advice.
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