Buying a Business in Illinois

Investing in a business can be advantageous 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?

The purchase of a business in Shiloh is actually the buying of a right called "control". With this right, a party can direct business operations as it sees fit, it acquires ownership of business assets, and it assumes liability for all business 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. In the process of due diligence, Federal and Illinois 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?

How much a business will cost depends on the type of business, how much ownership stake you need to assert control, and the value of the business property. The process for how the right of control can be transferred or modified is defined by specific laws in Illinois. Procedures may make buying a business more or less expensive than simply the market value of its assets.

How Can a Shiloh Attorney Help?

In Illinois, the law poses requirements for a party purchasing a business to fulfill. An attorney knowledgeable in Illinois law practicing in Shiloh can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.