When a business entity or any similar entity undertakes the ownership of a business (new or previously owned by someone else) a legal document is framed to certify the ownership. This document is called the business ownership contract which is then used to certify the ownership of the business in name of the respective entity. The document is also used to make a record of the details of the parties, the business and the terms of the ownership. Given here is a sample where an entity buys a business and sets the terms accordingly.
Sample Business Ownership Contract
Date of signing of contract: 21st January 2009.
This contract has being prepared for and is being entered between Mr. Lawson Davis (to be referred to as owner hereon) and Mr. Daniel Scott (to be referred to as the seller/ 2nd party hereon) on the date mentioned above.
The statement of the contract provides that owner has bought the ownership of a business from the 2nd party with effect on the date of signing. The ownership of the business is transferred and the terms specify the right to management post transfer.
Details of the owner:
Name: Mr. Lawson Davis
Contact Address: 8th floor, Louis Harper Building, East Manhattan, New York, USA.
Email Address: firstname.lastname@example.org
Contact No.: 098098765
Details of the 2nd party:
Name: Mr. Daniel Scott
Contact Address: 2, 3rd Street, Madison Avenue, Manhattan, New York, USA.
Email Address: email@example.com
Contact No.: 347704260
Details of the business:
Name: Scott Securities Ltd.
Description: A firm dealing in securities and varied other finance segments.
Terms and Conditions:
1. The contract certifies that the ownership of the business has been transferred to the owner in the contract.
2. All the dues regarding the transfer of the ownership have been cleared before the signing of the contract.
3. The owner has the sole right to take any decisions regarding the mentioned business venture.
Mr. Lawson Davis Mr. Daniel Scott