Legal Question in Real Estate Law in Maryland

Re: selling assets of business

The answer will depend on several factors. If you are doing an asset sale of all of substantially all of your corporate assets, then you will need to make sure that you comply with the Bulk Sales Act. Unfortunately, a description of how to comply with that would be a bit more complicated that I can give here. In any event, at a minimum you will need an asset sale and purchse agreement. You will want to make certain that there are appropriate indeminfication clauses and other provisions to proect yourself.

If the sale is not for full sale up-front, then you're going to have to make sure that you fully protect yourself with several different documents that are needed in order to ensure that you have a security interest enforcible under the uniform commercial code.

In short, unless this is almost literally a paper route or something else of really really small nature, you would be highly well advised to spend a couple of dollars on some legal advice tailored to your facts before you do this transcation.

Use this site and others to make sure that you understand the legal advice that you get, and/or to help you prepare to meet with your attorney and ask intelligent questions. Don't use this site as a substitute for retaining a lawyer when you really need one ... and the sale or purchase of a business is the time to have such advice.

I hope that helps.