Buying a Business in Illinois
Investing in a business can be beneficial for companies and private parties. The transaction can be complicated, however.
Specific regulations concerning mergers, acquisitions, negotiations or securities exchanges may be implicated when you buy a business. These areas are all governed by Federal and Illinois law.
What Parts of the Business Am I Buying?
A buyer of a business in Kane County 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. To balance the positives and negatives, the party buying a business must get a complete picture of the financial position of the business. Through a process called "due diligence", a buyer gains this understanding. Federal and Illinois guidelines define the process of due diligence, and sometimes legal consequences arise when these procedures are not followed properly. 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. There are specific laws in Illinois 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 Kane County Attorney Help?
In Illinois, the law poses requirements for a party purchasing a business to fulfill. An attorney knowledgeable in Illinois law practicing in Kane County can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.