Buying a Business in Connecticut
Buying a business can be an advantageous 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 acquires all assets and the customer base of the business, plus it also assumed the company's debts. 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. In the process of due diligence, Federal and Connecticut guidelines are used to inform both parties. If there is a deviation from these guidelines, one party may be held legally accountable. 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 a business will cost depends on the type of business, how much ownership stake you need to assert control, and the value of the business property. The process for how the right of control can be transferred or modified is defined by specific laws in Connecticut. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Middletown Attorney Help?
Connecticut poses unique demands that a party purchasing a business must meet. Attorneys practicing in Middletown are knowledgeable in Connecticut law, and can find the cheapest way for you to purchase control of a business.
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