Buying a Business in North Carolina

Find the right Buying a Business attorney in Winston Salem, 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 Winston Salem, 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?

How much the right of control will cost depends on how much ownership stake is required. The value of the property of the business might add to the price as well. 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 Winston Salem Attorney Help?

There are unique requirements in North Carolina that a party purchasing a business must fulfill. In Winston Salem, an attorney experienced in North Carolina law can inform you about the peculiarities of your investment and outline the cheapest way for you to purchase control.

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Life in Winston Salem

Winston-Salem is the largest city in the State of North Carolina and the seat of Forsyth County. It's likely you know Winston-Salem for it's historic role in the tobacco trade. It's been nicknamed "Camel City" in reference to tobacco, "City of the Arts" for the commitment to fine arts and theater, and called simply "The Dash" by many locals.

Winston-Salem offers the Reynolda House Museum of American Art. The Reynolda House was built by Katharine Smith and R.J. Reynolds in 1917 and was recently restored with help from the R.J. Reynolds Tobacco Company.

Additionally, Winston-Salem offers the Southeastern Center for Contemporary Art (SECCA) for visitors who flock to town for Nationally recognized festivals like the National Black Theatre Festival, RiverRun International Film Festival, and the Reynolda Film Festival started by local Wake Forest students in 2007.

A number of Winston-Salem residents are drawn to the city because there are many outstanding schools. Wake Forest University, Winston-Salem State University, University of North Carolina School of the Arts, Salem College, Piedmont Baptist College, Winston-Salem Bible College, and Forsyth Technical Community College are all located within city limits.

As the seat of Forsyth County, Winston-Salem is responsible for playing host to a bevy of government facilities including legislative and legal facilities. Forsyth County Courts are located in Winston-Salem, along with city courts, which are responsible for handling most cases that arise in the area including personal injury lawsuit, wrongful termination, divorce, and criminal cases.

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