Buying a Business in Maine
Investing in a business can be beneficial for companies and private parties. The transaction can be complicated, however.
Federal and Maine law concerning mergers, acquisitions, negotiations and securities exchange occasionally come into play during the purchase of a business
What Parts of the Business Am I Buying?
A purchaser of a business in Bar Harbor 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. Accordingly, the party purchasing a business will want a complete picture of the financial position of the business. Through a process called "due diligence", the financials of the company are disclosed. Through due diligence, federal and Maine guidelines are used to inform both parties, and there may be legal consequences for not following these guidelines properly. However, obedience to the process of due diligence leads to a better informed decision about purchasing the business. And afterwards, it may also help the ownership transfer to go more smoothly.
How Much Will the Business Cost?
Control of a business is sold for an amount that is necessary for a party to acquire an ownership stake. The value of the business property and the type of business factor in to determine the exact price. There are particular laws in Maine 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 Bar Harbor Attorney Help?
There are unique requirements in Maine that a party purchasing a business must fulfill. In Bar Harbor, an attorney experienced in Maine law can inform you about the peculiarities of your investment and outline the cheapest way for you to gain control.