What paperwork do you need when selling off company assets under stress?

First, make sure you have clear title to everything. If there are liens, you need lien releases. Also, check your loan agreements for any clauses about asset sales. I've seen peple get tripped up by that.

Bill of sale is key. For each item, list description, serial number, price, and both parties' signatures. Also, if you're selling vehicles, the title and odometer disclosure.

Don't forget about sales tax. Depending on your state, you might need to collect and remit it. Check with a local accountant.

this might be obvious, but keep a detailed inventory. Photos, condition notes, and where each item came from. If you're audited or sued later, you'll want proof of what you sold and for how much.

Also, if you have partners or a board, get their approval in writing. I've seen sales get challenged because someone didn't have authority.

Honestly, if you're under this much stress, you might want to consult a business attorney. The cost of a mistake could be way higher than their fee. I know it's not the answer you want, but it's the safe one.

I agree with skeptical_sam. At least a quick review. Also, make sure you're not selling something that's leased. That's a common mistake.

Also, if you're selling to a single buyer, you might need a bulk sale notice. Some states require it to protect creditors. That's definitely something to ask a lawyer about.

One more thing: if you have employees, make sure you're not selling assets that are tied to employee contracts or pensions. But that's more of a legal issue. I'm just speaking from experience.

I just remembered: if you're selling the business name or customer list along with assets, you might need a separate agreement. But for physical assets, bills of sale and lien releases are the main ones.

Also, document the condition of each item. "As is" sales are common, but you want to be clear about what the buyer is getting. A simple "as is" clause in the bill of sale can help.

I've been through this. The paperwork is the least of your worries. Make sure you're not selling assets for less than they're worth and then getting accused of fraud. Get an appraisal if you can. Even a cheap one.