Buying a Business in North Carolina

Find the right Buying a Business attorney in Wilmington, NC

Buying a Business in North Carolina

Purchasing a business can be a worthwhile investment, but whether it is purchased by an individual or another company, the transaction is complicated.

Purchasing a business occasionally 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 purchases a business in Wilmington, 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. 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. The process of due diligence uses Federal and North Carolina guidelines to protect both parties. If these guidelines are not followed, a party might be found in breach of a legal duty. However, due diligence will lead to a better informed decision concerning whether you want to purchase the business. Also, it will help the business to transition more smoothly to new ownership.

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. The procedure for how the right of control can be transferred or modified is defined by particular 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 Wilmington Attorney Help?

In North Carolina, the law poses requirements for a party purchasing a business to fulfill. An attorney experienced in North Carolina law practicing in Wilmington 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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Life in Wilmington

Wilmington is in New Hanover County, North Carolina. It is the eighth most populated city in the state, with a population of 362,315 people. It was named after Spencer Compton, the Prime Minister under King George II. Also, in 2003 the city was recognized as "A Coast Guard City" by the United States Congress.

Some popular attractions are Airlie Gardens, Cape Fear Serpentarium, North Carolina Aquarium, Screen Gems Studios, USS North Carolina Battleship Museum, Thalian Hall Center for the Performing Arts, and Fourth Friday Gallery Nights.

Top employers of the city include Corning, Verizon Wireless, General Electric, and Pharmaceutical Product Development.

Wilmington is also home to many law firms and law offices that train excellent attorneys to handle any and every legal inquiry.

Famous residents include Sophia Bush, Chelsea Cooley, Alge Crumpler, Roman Gabriel, Joseph Gallison, Ed Hinton, Jana Kramer, James Lafferty, and Trot Nixon.

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