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.
Federal and Connecticut law concerning mergers, acquisitions, negotiations and securities exchange sometimes come into play during the purchase of a business
What Parts of the Business Am I Buying?
Buying a business in Old Saybrook is gaining the right to direct business operations. When a party directs operations as they see fit, their right is called ?control? of the business. Like ownership, control includes the right to all the property of the business as well as the assumption of the business debts. In order to protect the interests of all parties, there must be an accurate and complete picture of the financial position of the business. This picture of the company's financials is gained through a process known as "due diligence". 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. However, the best informed decision about whether to buy the business can only be obtained through obedience to the due diligence process. Added benefits also include a smoother transition once the business is purchased.
How Much Will the Business Cost?
The price of a business mostly depends on how much ownership stake is required for control. The value of the business property and the type of business are also important factors. 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 Old Saybrook Attorney Help?
There are unique requirements in Connecticut that a party purchasing a business must fulfill. In Old Saybrook, an attorney knowledgeable in Connecticut law can inform you about the peculiarities of your investment and outline the cheapest way for you to purchase control.