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.
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