When Do You Need a Bill of Sale?įor businesses, a bill of sale is helpful for tax purposes, but is absolutely necessary if you’re selling:Īs a rule, companies should create a bill of sale whenever the law requires a proof of purchase. Buyers can then use the bill of sale to obtain a certificate of title if needed or register their purchase.Ĭheck out top law firms in your area by filtering by location, services offered, and your budget. For example, a motor vehicle bill of sale is required in most states if someone sells their car.Ī bill of sale certifies the sale by recording the transfer of ownership between a seller and the new owner and protects both parties in case a disagreement regarding the asset arises in the future.Īs such, it frees the seller from any liabilities while providing proof of ownership for the buyer. While a simple receipt could be considered a bill of sale, it usually refers to the transaction of a very valuable asset. A bill of sale is a legal document that acts as a proof of purchase or proof of payment when someone sells or trades an asset.
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