At times sale of Business / Part of a Business may be required with some objective. In that case the Seller and the Buyer od the Business need to execute one Agreement writing down the terms, conditions, sale consideration and other required clauses. That agreement is called as Business Purchase Agreement.
Eg: Anil is interested to purchase the Partnership Firm Business of Sunil & Sushma (Sellers). The business is trading of Cement with turnover of 50 Lakh per anam. Now Anil and Sellers shall come to an understanding for sale of the business. That understanding shall be recorded in the form of Business Purchase Agreement, so that both the parties will have clarity over the transaction and its consequences.
Likewise when one selling his Private Limited Company to other or when one Partner selling his shares in a Partnership Firm to some other, they shall enter in to Business Purchase Agreement.
Registration of a Private Limited Company or getting IEC License / MSME Registration is not just completed task, in fact it is a beginning task from then you are supposed to comply with much legal compliance which are may be monthly, quarterly, biannually or annually or event based on the specific nature of the task. Therefore we request you take informed decisions regarding all of this being in touch with us from time to time. Users of this portal shall also refer The Information Technology Act, 2000 and The Companies Act, 2013, Partnership Act, GST Act, Income Tax Act etc which are generally Applicable to most of the businesses in India.
Please note that we are just a facilitating digital legal platform and we are neither law firm nor Advocates. All information displayed on this legal digital platform is informational and shall not be deemed as legal / business advice. If you are currently dealing with an individual legal / business transaction, you are invited to contact us through email or by phone. Until a legal relationship has been established; we urge that you avoid sharing any confidential and personal information on public portals.