Buying a Business in Florida
Purchasing a business can be an beneficial investment for both individuals and companies. However, the transaction is much more complicated than an usual purchase.
Federal and Florida law concerning mergers, acquisitions, negotiations and securities exchange occasionally come into play during the purchase of a business
What Parts of the Business Am I Buying?
A purchaser of a business in Longboat Key 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 acquired through a process known as "due diligence". The process of due diligence uses Federal and Florida guidelines to protect both parties. If these guidelines are not followed, a party might be found in breach of a legal duty. Following the process of due diligence dutifully is the best way to inform oneself for whether to purchase 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?
The cost 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. There are particular 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 Longboat Key Attorney Help?
Florida poses unique demands that a party purchasing a business must meet. Lawyers practicing in Longboat Key are experienced in Florida law, and can find the cheapest way for you to purchase control of a business.