The business is not on the market, and I am not using a broker.  So
far I have faxed over a letter which stated my proposal to buy and the
terms.  It is to be seller financed with a balloon loan due in 4
years.  Next I will send over a formal letter of intent.

1.  At the signing of the purchase agreement (is it called a "purchase
agreement" or a "bill of sale for business assets"?) What documents do
I need and on what website can I find them.  I would like documents
that look legit.

2.  Is there a transfer tax on the sale of a business, and if so when is it due?

3.  Is there a transfer fee on the liquer license.  

4.  If yes, is there a way to not pay these up front.  

5.  Is there anything I have to file with the state at the signing of the papers?

---

Clarification of Question by robertxavier-ga on 08 Aug 2005 14:40 PDT

The restaurant is in Old City, Philadelphia, Pennsylvania

---

Clarification of Question by robertxavier-ga on 08 Aug 2005 16:11 PDT

The country is the United States.

---

Clarification of Question by robertxavier-ga on 08 Aug 2005 17:27 PDT

Is there anything that I have to file either state or federal when I
purchase this business?
When I buy the business how do I go about transferring title?  
What do I do about its checking accounts?
I would like to switch the name of the business.  Is my best move to
keep the businesses current name and just file for a "Doing Business
As"?

It would be helpful to know approximately where you are located. At
least the nation and state/province.

Take some business courses before you embark on this.  You also should
seek an advisor - maybe a local business group or college that
provides free mentoring.
For example:  does the lease come with the business or will you be
buying the buidling too?, how long is the lease for?, have you
reviewed the business' tax returns for the last three years to see if
it is profitable?, are you eligible for a liquor license?, do you have
working capital?, do you have a business plan?