Buying a Business in Georgia
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 Georgia 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?
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. A complete picture of the financial position of the business is important for the buyer to make his decision. This picture is gained through a process called "due diligence". The process of due diligence uses Federal and Georgia guidelines to protect both parties. If these guidelines are not followed, a party may 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 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?
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. There are specific laws in Georgia 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 Tifton Attorney Help?
Georgia poses unique demands that a party purchasing a business must meet. Attorneys practicing in Tifton are knowledgeable in Georgia law, and can find the cheapest way for you to purchase control of a business.