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 sometimes come into play during the purchase of a business
What Parts of the Business Am I Buying?
A buyer of a business in Gardiner 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 buying 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. The process of due diligence uses Federal and Maine guidelines to protect both parties. If these guidelines are not followed, a party may be found in breach of a legal duty. Following the process of due diligence faithfully, however, leads to a better informed decision about the purchase of the business. It can also help the ownership transfer to go more smoothly.
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 Maine. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Gardiner Attorney Help?
In Maine, the law poses requirements for a party purchasing a business to fulfill. An attorney knowledgeable in Maine law practicing in Gardiner can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.