The two documents have their use in a sale transaction, and they usually both feature specific provisions. Superficially, the differences between the two documents are not very obvious. In situations like this, it helps to clarify the ownership status of such an item, especially when trying to get insurance for the item.Ī child who inherits a used car from his parents will need a business bill of sale form to prove ownership while registering, insuring the vehicle, or for tax purposes.Ī business bill of sale form is also required when a seller needs to impose the “as-is” condition.Ī Bill of Sale is often confused with a Purchase Agreement.

Some states like California recommend using a business bill of sale form when the asset under consideration is worth at least $500.Ī business bill of sale form can also come into play when friends or families exchange gift items. Without this documentation, carrying out a sale makes it hard for the state to adjudicate if the situation arises. The business bill of sale form gives protection to both parties involved in the transaction from any issues that may arise. This includes sales conducted on online platforms, sales of previously owned items, sales involving high-value items, etc. It serves as proof that the buyer is content with the business’s condition at the time of purchase and protects the seller from requests for a refund from the buyer.Ī business bill of sale form is required in any situation where a party is looking to sell an item. Generally, the “as-is” condition emphasizes the current state of the asset under consideration and specifies that no guarantees or warranties come with the sale. In addition, it serves to protect both the seller and buyer of a business in the event of a future dispute.Įxecuting a business bill of sale form usually comes with the agreement to sell the business “as-is”. Thus, the business bill of sale form usually carries more significance than the normal sale receipt. The seller of a business normally drafts this document, and it specifies the details of the arranged transaction.

Generally, a Bill of Sale helps facilitate a broad range of dealings like the sale of motor vehicles, houses, etc. A Business Bill of Sale Form is a legal document that details the transfer of ownership of a business from an individual or entity to another based on an agreed-upon set of terms.

Simple bill of sale form printable