When a business is sold to another person, should the bill of sale be recorded ?

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When a business is sold to another person, should the bill of sale be recorded ?

Asked on February 24, 2011 under Business Law, Oregon

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No not necessarily but there are other concerns that need to be addressed here.  First, is the business operated under a corporation?  Did you purchase the corporation or the name of the business: "dba" (doing business as)? Did you create a corporation for this new business? Does that need to amended with the Secretary of State or Division of Corporations?  Is there a business certificate filed in the local county clerk's office?  Does tha need to be amended?  And is the Bill of Sale your contract here?  I would speak with an attorney in your area about all the legalities just to cover yourself.  Good luck to you in your new business endeavour. 


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