Buying a Business in Michigan
Investing in a business can be profitable for companies and private parties. The transaction can be complicated, however.
Federal and Michigan 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?
If a party wants to direct business operations, the best way is to acquire a right called "control". With control of a business, the party gains all assets and the customer base of the business, plus it also assumed the company's 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". Federal and Michigan guidelines are used in the process of due diligence, and not using these guidelines can lead to legal consequences. 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?
How much a business will cost varies on the type of business, how much ownership stake you need to assert control, and the value of the business property. The procedure for how the right of control can be transferred or modified is defined by particular laws in Michigan. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Detroit Attorney Help?
In Michigan, the law poses requirements for a party purchasing a business to fulfill. An attorney experienced in Michigan law practicing in Detroit can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.
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