Portland, OR asked in Business Law for Oregon

Q: Does a lawyer have to draw up the sale agreement in the sale of a sole proprietorship?

Selling at a very low price/loss so can't afford lawyer/attorney fees to draw up a contract. I don't mind drawing it up myself but I want to make sure it would be legal to do so.

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1 Lawyer Answer
Jim Boness
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  • Portland, OR
  • Licensed in Oregon

A: To answer your question, yes, you certainly can draft your own sales agreement. However, it would be more advisable to have counsel prepare one if you can. The money spent on counsel may be tax deductible.

Notwithstanding, as you indicate you have a sole proprietorship, what you are selling is not the business, but its' assets. You cannot sell a sole proprietorship, because it is not separate from its' owner.

I wish you the best of luck!

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