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What's a business letter of intent?
Buying or selling a business? Renting equipment? Or maybe you want to sell assets or start a joint venture? In the process of negotiating, you may choose to put an initial offer and some general terms into writing. This is where a letter of intent comes in. Its purpose is to set out the basic terms of a business proposal, which can include price, asset descriptions, limitations, and closing conditions. The parties can then do business from a consensus point that will hopefully end with a signed deal.
Who it's coming from
Determine if a business or individual is sending the doc and have the name and contact info ready.
Who it's going to
Know who this doc is going to and have the individual or business name and contact info ready. If it's a business, make sure you know the business type (LLC, corporation, etc.).
Which state will govern it
Specify a state so it's clear what laws apply to the document.
Have the basic terms of your deal ready.