South Dakota Business Bill of Sale
South Dakota requires a bill of sale in common situations, such as when the title does not show the purchase price. Fill in the form below and download a free, one-page South Dakota business bill of sale PDF that includes everything the South Dakota Department of Revenue looks for, matching the fields on Form 1025. Nothing you type leaves your browser.
Seller
Buyer
Business details
Price and terms
How to sell a business in South Dakota
A business bill of sale transfers the tangible and intangible assets of a small business, such as equipment, inventory, furniture, the trade name, customer list and goodwill, from the seller to the buyer at closing. It is the document that goes with the purchase agreement and is what the buyer shows to banks, landlords and the state when the business changes hands.
Seller steps
- Confirm you hold clear title. If a lender is on the title, get the lien release before you list it.
- Agree on the price and fill in the South Dakota business bill of sale above with the buyer. Record the serial number.
- Both parties sign and each keeps a copy. South Dakota does not require a notary.
- Hand over any registration papers, manuals, receipts or health records that go with the business.
- Hand over the business and keep your signed copy of the bill of sale for your records.
Buyer steps
- Check the description against the business itself before you sign.
- Keep the signed bill of sale with your records; it is your proof of ownership and purchase price.
- If you bought it for a business, give the bill of sale to your bookkeeper for the asset record.
Before you sign
- Attach an inventory and equipment list as a schedule for anything beyond a one-line description.
- Say clearly whether the buyer assumes any debts, leases or contracts.
- Both parties sign in their capacity (owner, member, president) if an entity is involved.
- This is the bill of sale, not the purchase agreement. For a sale above a few thousand dollars, have a lawyer draft the purchase agreement and use this as the closing document.
Why a bill of sale matters for a business
- Transfers the assets at closing in one signed document.
- Lists exactly what is and is not included, which prevents post-sale fights.
- Needed to transfer the DBA, licenses, lease and utility accounts.
- Supports the buyer's asset basis for taxes and the seller's gain calculation.
Want both parties to walk away with a signed copy and a notary page ready? The $9 ready-to-sign pack adds them.
South Dakota at a glance
- Bill of sale
- Required in common cases
- Notary
- Notarization optional
- Official state form
- Form 1025
- Where the buyer registers
- South Dakota Department of Revenue (dor.sd.gov/individuals/motor-vehicle)
South Dakota's Form 1025 is required when the title does not carry the purchase price.
Other South Dakota forms
- South Dakota Vehicle Bill of Sale
- South Dakota Motorcycle Bill of Sale
- South Dakota Boat Bill of Sale
- South Dakota Trailer Bill of Sale
- South Dakota Firearm Bill of Sale
- South Dakota Mobile Home Bill of Sale
- South Dakota RV Bill of Sale
- South Dakota ATV / UTV Bill of Sale
- South Dakota Dirt Bike Bill of Sale
- South Dakota Golf Cart Bill of Sale
- South Dakota Jet Ski Bill of Sale
- South Dakota Snowmobile Bill of Sale
- South Dakota Scooter / Moped Bill of Sale
- South Dakota Equipment Bill of Sale
- South Dakota Tractor Bill of Sale
- South Dakota Horse Bill of Sale
- South Dakota Dog Bill of Sale
- South Dakota Livestock Bill of Sale
- South Dakota General Bill of Sale
Business Bill of Sale in other states
South Dakota business bill of sale questions
Is a bill of sale required to sell a business in South Dakota?+
South Dakota requires a bill of sale in common situations, such as when the title does not show the purchase price. South Dakota's Form 1025 is required when the title does not carry the purchase price. South Dakota publishes Form 1025 for this; the PDF from this page carries the same information and is accepted alongside it.
Does a South Dakota business bill of sale need to be notarized?+
South Dakota does not require notarization. Two signatures are enough. If you want extra certainty, the ready-to-sign pack includes a notary acknowledgment page you can use anyway.
Does the buyer need to file a business bill of sale in South Dakota?+
No. Businesses are not titled or registered with the state, so there is nothing to file. The signed bill of sale is the ownership record; each party keeps a copy.
Is a business bill of sale the same as a purchase agreement?+
No. The purchase agreement sets the deal: price, terms, representations, non-compete. The bill of sale is the closing document that actually transfers the assets. Small deals sometimes use the bill of sale alone; larger ones should have both.
Does it transfer the LLC or corporation?+
No. This transfers assets. Selling the entity itself is a membership-interest or stock sale and needs different documents. Most small-business sales are asset sales.
Do I need to notify the state?+
Usually the DBA (assumed name) and any licenses or permits have to be reassigned or re-filed, and some states have bulk-sale notice rules. Check with the secretary of state and your accountant.