Selling a Business in New Jersey

Find the right Selling a Business attorney in East Orange, NJ

After years of work in a business, it can be quite profitable to sell it. Being acquired by a larger company is something that many hope for. However, selling a business is rarely a simple affair. Parties to the purchase of a business must comply with Federal and New Jersey laws that govern mergers, acquisitions, negotiations and securities exchanges.

How Do I Sell a Business?

The initial step in selling an East Orange business is soliciting an offer. A purchase agent can help you find prospective buyers, as well as advise you concerning whether offers that you receive are worth consideration. In order to decide the proper value for the rights you are selling, financial records must be updated and prepared to comply with New Jersey and Federal law. As an agreement for the purchase is reached, typically a formal contract will be written. It is important to review such documents before they are signed so that all aspects of the agreement are presented properly.

What Will I Give Up in the Business?

The sale of a business is simply the transfer of a right known as "control". The party with control of a business directs its operations and may use the business property as it sees fit. A party seeking to purchase an East Orange business may not be concerned with all aspects of the company. In fact, purchasers are typically interested in acquiring control as cheaply as possible, and this may allow other rights, including the right to future earnings, to be apportioned or even retained by the seller. Because of the wide variety of different concerns buyers may have, negotiations are essential. Each party should voice their intents and concerns during this process.

How Can an Attorney Help?

Parties who want to sell businesses must meet the requirements of New Jersey law. Ensuring that the sale is proper is much simpler with the advice of a local lawyer practicing in East Orange.

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Life in East Orange

East Orange, New Jersey is a city in Essex County, and it has a population of about 68,000 people. East Orange was originally incorporated by an act of the New Jersey Legislature in 1863.

East Orange is a fairly diverse city, and a significant number of immigrants from the South American country of Guyana have taken up residence there, accounting for 2.5% of the population. As with any city with a significant immigrant population, immigrant communities have added a touch of their own culture to East Orange, giving it that much more character.

New Jersey has designated the city of East Orange as an "urban enterprise zone." This is a package of benefits that the state extends to entrepreneurs if they decide to open a business in a community that needs economic revitalization. Businesses are encouraged to set up shop in these zones mostly with tax and regulatory breaks. As an attempt to stimulate consumer spending in these areas, the sales tax is lower than in other parts of New Jersey.

There are plenty of East Orange, New Jersey lawyers who can probably handle any legal issue that you might find yourself facing. If you find yourself with any legal problems, you should call an East Orange, New Jersey lawyer as soon as possible.

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