Chapter 26 Conclusion

admin 2019.03.27 00:47 Views : 162

Chapter 26 Conclusion

This concludes Chapter 26. Below is a brief summary which you can review before you take your chapter quiz. 

If real property is involved in the sale, the agent usually treats the sale of the business and sale of the land/building as two separate and concurrent transactions with two concurrent and contingent escrows.

The essential elements of a business opportunity sale:

  1. A bill of sale, which is the written instrument that passes the title to the personal property.
  2. Specific financial statements are needed when a business is sold:
    • balance sheet, including assetsliabilities and net worth, which shows the owner or owner's equity.
    • TheProfit and Loss Statement.

The Bulk Sales Rules apply when a business is sold that involves inventory.

  1. bulk transfer is the transfer of a major portion of a business's inventory that is NOT sold to customers.
  2. The buyer must give public notice (Notice of Intent to Sell Bulk) 12 business days before the transfer occurs.

Business opportunity terms:

  • The goodwill of a business has monetary value, which the law protects. Goodwill is the expectation of continued public patronage.
  • Turnover is the number of times the inventory is sold per year.
  • Sales and Use Tax is a tax on the sale of personal property.
  • Alcoholic Beverage Control Act are the rules that involve the sale of a liquor license.

Government Agencies

A broker should be prepared to inform the purchaser of governmental agencies which the purchaser should contact, such as:

  • Internal Revenue Service; State Board of Equalization; State Department of Benefit Payments; State Department of Industrial Relations and County and Municipal Agencies.
No. Subject Author Date Views
102 Wrranty Deed는 여섯 가지의 Covenant을 포함 admin 2019.03.31 202
101 Settlement-Statement Worksheet admin 2019.03.27 247
100 TEST 27 admin 2019.03.27 676
99 Chapter 27 Conclusion admin 2019.03.27 330
98 TEST 26 admin 2019.03.27 260
» Chapter 26 Conclusion admin 2019.03.27 162
96 TEST 25 admin 2019.03.27 333
95 Chapter 25 Conclusion admin 2019.03.27 524
94 TEST 24 admin 2019.03.27 267
93 Chapter 24 Conclusion admin 2019.03.26 196
92 TEST 23 admin 2019.03.26 221
91 Chapter 23 Conclusion admin 2019.03.26 164
90 TEST 22 admin 2019.03.26 249
89 Chapter 22 Conclusion admin 2019.03.26 199
88 TEST 21 admin 2019.03.25 328
87 Chapter 21 Conclusion admin 2019.03.25 804
86 TEST 20 admin 2019.03.25 271
85 Chapter 20 Conclusion admin 2019.03.25 193
84 TEST 19 admin 2019.03.25 556
83 Chapter 19 Conclusion admin 2019.03.25 181