Buying a Business in North Carolina
Buying a business can be a worthwhile investment, but whether it is purchased by an individual or another company, the transaction is complicated.
Buying a business sometimes involves laws concerning mergers, acquisitions, negotiations or securities exchanges. These fields are governed by North Carolina and Federal law.
What Parts of the Business Am I Buying?
When someone buys a business in Mount Holly, 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 North Carolina guidelines are used in the process of due diligence, and not following these guidelines can lead to legal consequences. Following the process of due diligence dutifully is the best way to inform oneself for whether to buy a business. Also if the business is eventually bought, transfers of ownership happen much more easily once the process is followed.
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 North Carolina. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Mount Holly Attorney Help?
In North Carolina, the law poses requirements for a party purchasing a business to fulfill. An attorney knowledgeable in North Carolina law practicing in Mount Holly can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.