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 Berwick 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, 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 bought.
How Much Will the Business Cost?
The cost 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 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 Berwick Attorney Help?
Maine poses unique demands that a party purchasing a business must meet. Lawyers practicing in Berwick are experienced in Maine law, and can find the cheapest way for you to purchase control of a business.