Buying a Business in Michigan
Investing in a business can be advantageous for companies and private parties. The transaction can be complicated, however.
There are specific laws in Michigan and the US that concern negotiations, mergers, acquisitions and securities exchanges. You may need to consider how these laws impact your situation before you buy a business.
What Parts of the Business Am I Buying?
When someone buys a business in Ottawa County, they are actually gaining the right to direct business operations as they see fit. This right is called ?control? of the business. Control entails ownership of all the assets and customer base of the business, but it also includes the responsibility for that company?s debts and liabilities. A complete picture of the financial position of the business is important for the buyer to make his decision. This picture is gained through a process called "due diligence". Federal and Michigan guidelines define the process of due diligence, and sometimes legal consequences arise when these procedures are not followed properly. Following the process of due diligence faithfully, however, leads to a better informed decision about the purchase of the business. It can also help the ownership transfer to go more smoothly.
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 decided somewhat by the value of the business property and the type of business. There are specific laws in Michigan that dictate procedure for how the right of control of a company can be transferred and modified, and these procedures may make buying the business cheaper or more expensive, depending on a variety of factors.
How Can a Ottawa County Attorney Help?
There are unique requirements in Michigan that a party purchasing a business must fulfill. In Ottawa County, an attorney knowledgeable in Michigan law can inform you about the peculiarities of your investment and outline the cheapest way for you to gain control.
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