1. P&L Statement. We will need the previous year's end statement and the current year-to-date statement. If we get to the stage where a lender is involved, especially if it is an SBA Loan, we may need to get three years of P&L's.
2. Copy of Lease (unless you own the property and there is no lease). We can copy your original if you like. Whether you rent from an oil company or a third party, we'll need to review the lease.
3. Equipment List: If you don't have an equipment list, start with the depreciation schedule from your last tax return. Add those items which are new or were not depreciated. When in doubt put it in. We will assist in the editing.
4. Tax Returns: If you operate as a sole proprietor, we will need the Schedule C (self-employment income) from your personal tax return. If you are operating as a corporation, LLC, or partnership, the last three years of tax returns are needed.
5. Excise Tax Returns: Sometimes we need these, sometimes not. If they are readily available, we'd rather have them, just in case, so it doesn't cause any delays later.
6. Equipment Leases: If you lease equipment, we need to see copies of those lease agreements. Frequently leased items are ATM Machines, security systems, Slushee Machines, etc.
7. Employee List: While this isn't necessary until later in the process, it is useful to have a list of employees (first names only is sufficient) with rate of pay and length of service.
8. Oil Company Amortization Agreement (if applicable): If you have received money or loans from any oil company, we will need to review those agreements.
If there is real property involved in the sale:
A. Copy of the title insurance policy: (must include a legal description of the property)