Buying a business? Here are 6 items that should be in your letter of intent.

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One of the first formal steps in the process of buying a business is drafting a letter of intent. It's important to understand that a letter of intent is not the end of the negotiation process but merely the beginning of formalizing it. But it is a crucial step. A well-written letter of intent can reduce the potential for misunderstandings later and will get all of the parties' assumptions and views on the critical terms of the deal on paper. This article discusses 6 items that should always be included in a letter of intent.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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