Business Sale Certificate (Under an Assumed Name)

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When a business doesn’t include the names of the owners or partners in its title, it is considered fictitious or a company with an assumed name. It is crucial and mandatory for the owners or partners to register the company with the trading department, along with articles of incorporation and their names and complete addresses. Later, if they decide to sell the company, they must apply for a certificate of transfer of the business with a fictitious or assumed name to update the owners’ names in the official trading department records. The document issued by the trading department to make the ownership transfer official is known as the certificate of sale of a business under a fictitious or assumed name.

Brief Description of the Certificate of Sale of Business under an Assumed Name

When individuals or partners start a new company without using their names in the title, they are legally required to register the company’s name with the trading department, including their names and addresses for record-keeping purposes. This ensures that in case of any liabilities related to the company, the listed partners or owners will be held responsible. If these partners decide to sell the company to someone else under the same fictitious or assumed name, they must file an application with the trading department.

In this application, the partners declare their intention to sell the company and request the department to authorize the sale by issuing a certificate. If the department approves the sale, they issue a formal certificate to the owners, authorizing the sale. This certificate, known as the certificate of sale of a business under a fictitious or assumed name, officially transfers ownership from the previous partners or owners to the new buyer. The new buyer’s name is also listed in the certificate and the official record of the trading department.

Free Business Sale Certificate (Under an Assumed Name)

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Essential Elements to Include in the Certificate of Sale of Business under an Assumed Name

1. Title of the Company:
   The registered name of the company under the fictitious or assumed name in the trading department.
2. Registration or Reference Number:
   The unique identifier or trademark registration number of the company.
3. Date of Registration:
   The date when the company was originally registered and commenced business.
4. Certificate Reference Number:
   The reference number of the company’s registration certificate.
5. Names of the Partners or Owners:
   The names of the current partners or owners of the company.
6. Articles of Incorporation:
   Detailed information regarding the company’s incorporation.
7. Sale Date:
   The date when the company is being sold to a new buyer.
8. New Buyer’s Details:
   The name and complete address of the new buyer.
9. Effective Date of Transfer:
   The date when the ownership transfer will be implemented.
10. Witnesses’ Details:
    The names and signatures of the witnesses present during the transaction.
11. Signatures of Both Parties:
    The signatures of both the seller and the buyer.
12. Signature of the Trading Clerk:
    The signature of the trading department clerk to validate the certificate.

Sample Certificate of Sale of Business under an Assumed Name

Here’s a sample template to help you draft a certificate of sale of business under an assumed name:

Certificate of Sale of Business under an Assumed Name

Title of the Company: [Company’s Assumed Name]
Registration Number: [Registration/Trademark Number]
Date of Registration: [Original Registration Date]
Certificate Reference Number: [Certificate Reference Number]

This is to certify that the business known as [Company’s Assumed Name], previously owned by [Names of Current Partners/Owners], is hereby transferred to [Name of New Buyer] residing at [New Buyer’s Address].

Details of Incorporation:
The company was incorporated on [Original Incorporation Date] with the following articles of incorporation: [Summary of Articles of Incorporation].

Transfer Details:
The transfer of ownership will be effective as of [Effective Date of Transfer]. The undersigned witnesses and the parties involved have agreed to the terms of the sale, and all relevant documents have been duly signed and notarized.

Witnesses:

1. [Witness 1 Name]
2. [Witness 2 Name]

Signatures:

Seller(s):

1. [Seller 1 Name and Signature]
2. [Seller 2 Name and Signature]

Buyer:
[New Buyer’s Name and Signature]

Trading Clerk:
[Trading Clerk’s Name and Signature]
Date: [Date of Signing]

By including these essential elements and following the sample template, you can create a comprehensive certificate of sale of business under an assumed name, ensuring the legal transfer of ownership and maintaining accurate records with the trading department.