Business Inventory Approvals Checklist
Who should approve a sale and what documentation to keep for internal controls and clean records.
Quick Answer
Selling company assets without a paper trail is a recipe for an audit disaster (or theft accusation).
- Get written authorization from an Officer of the company.
- Ensure the Bill of Sale lists the Company as the seller.
- Direct the payment to the Company bank account.
- Keep the Purchase Order for tax filing.
Who Must Sign Off
Ideally, two people.
- The Operational Lead (e.g., F&B Director or Office Manager) initiates the sale.
- The Financial Lead (e.g., CFO or Controller) approves the asset disposal.
- If you are the owner, simply sign as 'Owner' or 'President'.
Required Documentation
We provide standard commercial docs.
- Inventory List (Asset Schedule).
- Purchase Agreement (Contract).
- Bill of Sale (Transfer of Title).
- Final Invoice (Proof of Payment).
Proceeds and Payments
Follow the money.
- We strongly prefer paying via Wire or Check to the entity name.
- Sending cash/personal checks to an employee for company assets is a huge red flag.
- We can reference a PO number on the payment for your accounting software.
Common Mistakes
Informal deals.
- Selling assets for cash 'under the table' (tax fraud).
- Not removing asset tags or inventory stickers.
- Failing to update the balance sheet (assets should be written down).
What to Do Next
Prepare the file.
- Draft an internal email: 'Request to liquidate obsolete inventory valued at approx $X'.
- Get a 'Yes' reply.
- Submit the list to us.
- We handle the external paperwork.
What to Do Next
Ready to get an offer for your bottles? Submit photos and details through our form, or text photos directly if that is easier.
Frequently Asked Questions
Do I need a lawyer?
Usually no, unless the company is in bankruptcy or complex litigation.
Can you pay a third party?
Only with a written Direction of Payment signed by the company officer.
Is sales tax involved?
As a licensed wholesaler/retailer, our purchase is usually for 'Resale', so sales tax is often not applicable (we provide a Resale Certificate).
What if the business is closed?
We can buy from the winding-up entity or the owner personally if assets were distributed.
Do you buy furniture?
No. Just the bottles.