Buying a Business in Connecticut
Purchasing a business can be an beneficial investment for both individuals and companies. However, the transaction is much more complicated than a traditional purchase.
There are Federal and Connecticut laws concerning mergers, acquisitions, negotiations and securities exchange that may impact the purchase of a business.
What Parts of the Business Am I Buying?
If a party wants to direct business operations, the best way is to acquire a right called "control". With control of a business, the party gains all assets and the customer base of the business, plus it also assumed the company's debts. To make his decision, a purchaser will want a complete picture of the financial position of the business. Through a process called "due diligence", a company's financials become clear. Federal and Connecticut guidelines are used in the process of due diligence, and not using these guidelines can lead to legal consequences. However, due diligence will lead to a better informed decision concerning whether you want to purchase the business. Also, it will help the business to transition more smoothly to new ownership.
How Much Will the Business Cost?
The price of a business depends on the value of the ownership stake that is necessary to exert control, and this in turn is determined somewhat by the value of the business property and the type of business. The procedure for how the right of control can be transferred or modified is defined by particular laws in Connecticut. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Bridgeport Attorney Help?
In Connecticut, the law poses requirements for a party purchasing a business to fulfill. An attorney experienced in Connecticut law practicing in Bridgeport can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.
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