Get an attorney that makes buying and selling their business
Selling a company is not like selling a car or a home. To make sure that your personal and financial interests are protected you must first get a thorough legal review and financial analysis. An experienced business attorney can guide you through the process and answer any questions you may have so effective representation is a must. We have a tax attorney on our team who can guide you through all the tax and accounting ramifications.
What is different about buying or selling a company?
There are a lot more details to contend with as well as state laws and regulations. You have to worry about:
- Making sure that the promissory notes and security agreements are correctly drafted. You also have to ensure the purchase agreement adequately protects your company.
- Drafting, modifying or reviewing a purchase agreement to get everything in order. Plus, you will need to verify that a non-compete clause has been included to protect your interests.
- The zoning for your new business. You have to pay very close attention to the zoning on the property you are buying or you could find yourself in real trouble.
- Finding out if the company you are buying has complied with all of the local, state and county laws.
- Making sure you understand tax consequences.
Is there more than one way to sell a corporate owned business?
There are two different ways to sell a business that is owned individually, or by a corporation. For example you can sell it by:
- Asset Only Purchase or,
- Stock Purchase
If you plan to sell your company then you need to contact us today to set up a free consultation.