Every kind of business involves some kind of transaction. You can’t run a business without any transactions. One of the most important documents in any business, the bill of sale is legally binding, which means you can’t alter it without consulting with a legal expert. It derives its importance from the fact that it is the only proof of a non-cash transaction.A contract is a legally enforceable agreement between two or more parties. It is an agreement that creates a legal duty or responsibility.so you can get the Contract templates for your agreements here.
Why do you need a professionally-designed Bill of Sale?
If you’re going to sell something, you’ll need a properly-designed Bill of Sale. It will need to show your purchase price and when you made it. It will also need to show the title of the item.
Other benefits of getting an expert designed Bill of Sale
Your Bill of Sale will contain vital information, which you won’t find in your signature. Your signature is typically limited to the minimum amount, which may be three words, though some people have five words.
This is to keep it simple. No one cares to read a long signature with letters missing. However, you do need to give them the basic information, which is why you need a professional designed Bill of Sale.
What is a Bill of Sale?
The purpose of a bill of sale is to prove that a certain item was sold. For example, a car may be sold for $10,000 by the dealer. To prove that there was indeed a transaction, the bill of sale is the only paper available to prove that the money changed hands. To be effective, the document needs to be very detailed and may need to include:
Description of the item that was sold (examples: model, color, year, and make)
Date and place of sale (examples: at the dealership)
Other details such as delivery instructions, title details, and warranty
The Bill of Sale in Action
In most countries, the bill of sale has a legal weight as an authentic document, and you can use it to prove a transaction in a court of law.
How you can use a Bill of Sale?
If you are a sole proprietor, you can use a bill of sale whenever you purchase or sell something from someone else. You can put a bill of sale in your books of accounts and store it with your financial documents in case it becomes an official document, like when you pay your employees, taxes, or mortgage. The most common way of using a bill of sale is to put it in your legal power of attorney document. However, you can also use the bill of sale when you purchase something with cash or transfer money to someone else. If you sell something, you can show a bill of sale to the court in case of dispute, as well as when the taxes and other taxes are to be paid to the government.