Buying a Business in Michigan

Find the right Buying a Business attorney in Pontiac, MI

Buying a Business in Michigan

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

There are specific laws in Michigan and the US that concern negotiations, mergers, acquisitions and securities exchanges. You may need to consider how these laws impact your situation before you buy a business.

What Parts of the Business Am I Buying?

When someone buys a business in Pontiac, they are actually gaining the right to direct business operations as they see fit. This right is called ?control? of the business. Control entails ownership of all the assets and customer base of the business, but it also includes the responsibility for that company?s debts and liabilities. To make his decision, a buyer will want a complete picture of the financial position of the business. Through a process called "due diligence", a company's financials become clear. Federal and Michigan guidelines are used in the process of due diligence, and not following these guidelines can lead to legal consequences. 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?

How much the right of control will cost depends on how much ownership stake is required. The value of the property of the business may add to the price as well. The process for how the right of control can be transferred or modified is defined by specific laws in Michigan. Procedures may make buying a business more or less expensive than simply the market value of its assets.

How Can a Pontiac Attorney Help?

There are unique requirements in Michigan that a party purchasing a business must fulfill. In Pontiac, an attorney knowledgeable in Michigan law can inform you about the peculiarities of your investment and outline the cheapest way for you to gain control.

Talk to a Business Law Attorney now!

Life in Pontiac

Pontiac is located in Oakland County, Michigan. It is famous for being home to the General Motors manufacturing plants--especially for the Pontiac vehicle. In fact, the city now has a stadium named after the vehicle; the stadium is called the Pontiac Silverdome.

A fun site includes Woodward Avenue, an area filled with small shops and great restaurants, as well as hot-rod cars that drag race. Other popular sites include The Realm of Darkness haunted house, Erebus haunted house, and the Fallen Heroes Memorial.

Pontiac is also home to many attorneys who practice in various areas of law. These professionals focus on providing their clients with personalized, excellent legal services.

An interesting fact, and a reason for Pontiac being one of Michigan's most recognized cities, is that in 2010 the city underwent "The Rise of the Phoenix" initiative. Basically, businesses who opened offices in downtown Pontiac would be given free rent in exchange for multi-year leases, alongside one year free parking in local city lots. There was an application process and about 52 businesses were selected, which helped boost the Pontiac economy.

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