Legal Question in Business Law in Colorado

You need to speak with a business attorney. Unless this business is being sold for a few hundred dollars, you need a good agreement (an asset sale agreement is often preferable). This will set forth the terms, conditions, financial issues, and also release you from liability and any possible future liability.

There are also tax issues that need to be considered. As for cost, you could hire an attorney to represent you and require that the buyer is responsible for half of those fees.

Do not do this yourself unless you are talking about a tiny amount of money involving a business that has almost zero liability. Doing this without advice would be a mistake that will be much more costly in the long-run than getting professional advice now.