Buying a Business in Florida
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 Florida 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?
A buyer of a business in Key West gains a right called "control", which is the right to direct the business operations as they see fit. Control involves ownership of the business assets and customers, along with the company's 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". Federal and Florida guidelines are used in the process of due diligence, and not following these guidelines can lead to legal consequences. 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?
Control of a business is sold for an amount that is necessary for a party to acquire an ownership stake. The value of the business property and the type of business factor in to determine the exact price. There are specific laws in Florida 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 Key West Attorney Help?
There are unique requirements in Florida that a party purchasing a business must fulfill. In Key West, an attorney knowledgeable in Florida law can inform you about the peculiarities of your investment and outline the cheapest way for you to gain control.