Bill of Sale (Business) Law and Legal Definition

A bill of sale is a document that transfers ownership of an asset from a seller to the buyer, a basic agreement for sale of goods, and a sales receipt.

The sale or purchase of a going business is often a very complicated transaction. Drafting the various required instruments calls for considerable research, both legal and financial, and often lengthy negotiations. The drafter may encounter problems involving the law of contracts, taxation, real estate, corporations, securities, and antitrust, to list only a few possible aspects of transfers of businesses. Most frequently, perhaps, tax considerations determine the manner in which the transaction proceeds.