Buying a Business in Illinois

Investing in a business can be advantageous for companies and private parties. The transaction can be complicated, however.

Particular 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 Washington is actually the purchasing 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. A complete picture of the financial position of the business is important for the purchaser to make his decision. This picture is acquired through a process called "due diligence". Through due diligence, federal and Illinois guidelines are used to inform both parties, and there may be legal consequences for not following these guidelines properly. 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?

How much the right of control will cost depends on how much ownership stake is required. The value of the property of the business might add to the price as well. There are particular 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 Washington Attorney Help?

Illinois poses unique demands that a party purchasing a business must meet. Lawyers practicing in Washington are experienced in Illinois law, and can find the cheapest way for you to purchase control of a business.