Buying a Business in Kentucky

Find the right Buying a Business attorney in Lexington, KY

Buying a Business in Kentucky

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

There are Federal and Kentucky laws concerning mergers, acquisitions, negotiations and securities exchange that may impact the purchase of a business.

What Parts of the Business Am I Buying?

The purchase of a business in Lexington 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. Federal and Kentucky guidelines define the process of due diligence, and sometimes legal consequences arise when these procedures are not followed properly. However, due diligence will lead to a better informed decision concerning whether you want to buy the business. Also, it will help the business to transition more smoothly to new ownership.

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. The process for how the right of control can be transferred or modified is defined by specific laws in Kentucky. Procedures may make buying a business more or less expensive than simply the market value of its assets.

How Can a Lexington Attorney Help?

Kentucky poses unique demands that a party purchasing a business must meet. Attorneys practicing in Lexington are knowledgeable in Kentucky law, and can find the cheapest way for you to purchase control of a business.

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Life in Lexington

Lexington is the "Thoroughbred City" and self-proclaimed "Horse Capital of the World." Home to three World renown horse-racing tracks that include Keenland which opened in 1936, the Red Mile Harness Track which is the oldest in Lexington, and the new Kentucky Horse Park. There may be an abundance of gambling in Lexington but the economy is known for its stability. Forbes Magazine named Lexington the 5th best city for "Business and Careers." There's an abundance of technology research and high tech industries like Lexmark International, Hewlett Packard, and Affiliated Computer Services as well as government facilities. Such a stable economy makes Lexington a standout city in the United States and quite attractive to job seekers.

One of the major government employers in Lexington is the Lexington-Fayette County Governments. Lexington is the seat of Fayette County, Kentucky and therefore has many of the administrative buildings, courts, jails, and political facilities. A number of lawyers call Lexington home since there are so many local courts. Lexington lawyers can consult on any type of case heard in Lexington and Fayette County Courts including personal injury, probate, criminal, divorce, and child custody cases.

The City of Lexington's largest employer is the University of Kentucky, which offers a renown College of Medicine and over 10,000 local jobs. The University of Kentucky draw a number of students and top professionals. Don't forget about the American history for tourists either. The Bluegrass Festival and Ashland: The Henry Clay Estate draw tourists from near and far.

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