Buying a Business in Rhode Island
Purchasing a business can yield great profits in the future. However, individuals and companies seeking to buy businesses should be aware of the complications of the transaction.
Purchasing a business occasionally involves laws concerning mergers, acquisitions, negotiations or securities exchanges. These fields are governed by Rhode Island and Federal law.
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. A complete picture of the financial position of the business is important for the purchaser to make his decision. This picture is acquired through a process called "due diligence". The process of due diligence uses Federal and Rhode Island guidelines to protect both parties. If these guidelines are not followed, a party might be found in breach of a legal duty. Following the procedure 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?
How much the right of control will cost depends on how much ownership stake is required. The value of the property of the business might add to the price as well. There are particular laws in Rhode Island 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 Warwick Attorney Help?
Rhode Island poses unique demands that a party purchasing a business must meet. Lawyers practicing in Warwick are experienced in Rhode Island law, and can find the cheapest way for you to purchase control of a business.
Another lawyer said my case would take weeks of work and require thousands of dollars of research. Howard pointed to a very fundamental clause in the contract, wrote a letter to termite the contract and dealt with all responses from the opposing parties attorney. Very cut and dry for a fraction of the fees. Highly recommended.
An excellent Attorney with a keen legal mind. He is attentive, responsive and his fees very reasonable!
I understand many lawyers are very busy, But Howard Bender, busy as he is, responded quickly and professionally. My impression is he is a man of his word.
Howard Bender has a wealth of knowledge with trademark contract negotiations. His expertise has helped us move our case forward productively.
This lawyer is the best! He is sharp, grasps everything quickly, and has a friendly approach. He helped me out & all without fighting.