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Bills of sale: What is it?
Whether used for business or personal items, a bill of sale is an important tool to memorialize the sale of expensive or unique properties. You can use it to sell items ranging from motorcycles and boats, to animals like dogs and cats. A bill of sale not only details the terms of the transaction, it can also help establish the identity of the legal owner. For a business, a bill of sale may be required for tax reporting and general accounting purposes.
Some people call this a:
- Proof of purchase
- Proof of payment
- As-is bill of sale
- Proof of sale
- Sales slip
- Sales receipt
So, what goes into a Bills of Sale:
Who the buyer is
Have the name and contact info of the buyer ready.
Who the seller is
Have the name and contact info of the seller ready.
What you're selling
Have important details such as registration numbers, liens, and prices ready.