Buying a Business in New York

Buying a business can be a worthwhile investment, but whether it is purchased by an individual or another company, the transaction is complicated.

There are specific laws in New York 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 Queens 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. To make his decision, a buyer 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 New York guidelines are used in the process of due diligence, and not following these guidelines can lead to legal consequences. Following the process of due diligence dutifully is the best way to inform oneself for whether to buy a business. Also if the business is eventually bought, transfers of ownership happen much more easily once the process is followed.

How Much Will the Business Cost?

How much the right of control will cost depends on how much ownership stake is required. The value of the property of the business may add to the price as well. There are specific laws in New York 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 Queens County Attorney Help?

There are unique requirements in New York that a party purchasing a business must fulfill. In Queens County, an attorney knowledgeable in New York law can inform you about the peculiarities of your investment and outline the cheapest way for you to purchase control.