After you and the buyer of your business have completed negotiating your purchase, it’s time to prepare for closing. By following some simple steps, you will be well prepared to sign on the many dotted lines involved in these transactions.

The following is a checklist for selling your business in the U.S. Virgin Islands:

Before closing day

  • Schedule the closing (ideally, your closing appointment should be early enough in the day to allow parties to get to banks and government offices afterward)
  • Finalize the purchase price; it should reflect all your negotiations and agreements
  • Prepare corporate documents, tax forms and equipment sale lists; get organized with all the documents you will need to have on hand at closing
  • Prepare to transfer all contracts and agreements
  • Prepare your loan documents (these documents could include promissory notes, security agreements, financing statements and various guarantees)
  • Prepare to transfer your business lease
  • Inventory and prepare to transfer all work that is currently in progress
  • Prepare the bill of sale
  • Prepare the closing sheet (this lists the purchase prices and all the costs that will be paid by or credited to the buyer and seller)
  • Prepare the purchase and sale agreement
  • Prepare succession agreements

On closing day

  • Review and sign the purchase and sale agreement
  • Review and sign all the loan documents on hand
  • Review and sign all documents for lease transfers, vehicle ownership transfers, franchising, succession and any other documents involved in transferring your business and its assets to the new owner (s)
  • Review and sign the bill of sale
  • Review and sign all non-compete, employment and consulting agreements
  • Review and agree to the closing sheet
  • Review and sign all forms that transfer patents, copyrights, trademarks and intellectual property
  • Review and sign any IRS forms, asset acquisition statements and other such documents
  • Receive the payment for the purchase price-either in full or for a significant down payment, depending on the terms you have already negotiated with the buyer for payment

To learn more about what you can expect out of the sale of a business and closing day, contact a trusted corporate planning attorney in the U.S. Virgin Islands.


Tom Bolt is Managing Attorney of BoltNagi, a widely respected and established business and corporate law firm that serves clients throughout the U.S. Virgin Islands.