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SAMPLE CLOSING CHECKLIST FOR ASSET PURCHASE …

SAMPLE CLOSING CHECKLIST FOR ASSET PURCHASE AGREEMENT [Date] [Purchaser's Name] [Seller's Name] TRANSACTION I. Conditions Precedent to CLOSING A. Due Diligence Matters: 1. Gather and review due diligence ite ms identified on separate due diligence CHECKLIST . 2. Do all required follow-up from due diligence CHECKLIST before CLOSING . B. Legal Research and Compliance Matters Review all legal issues that may apply to the transaction, including: 1. Corporate/LLC law matters. 2. Tax issues. 3. Securities law issues. 4. Labor law matters, including WARN Act notices if required. 5. COBRA issues. 6. Other legal issues that may apply to the transaction ( , FCC, FAA). C. Employment and Labor Matters: 1. Pay off by seller of all payroll, vacation, sick, personal days, and other compensation- related items (unless purchaser assumes these liabilities).

D. IRS Form 8594, regarding tax allocations. VII. If the purchaser is newly formed for the transaction, the following must be finalized or considered before closing: A. Articles of incorporation/articles of organization. B. Bylaws/operating agreement. C. Record book, including incorporator and director opening minutes and

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