Selling a Business in New Jersey

Find the right Selling a Business attorney in Passaic, 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 first step in selling a Passaic 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. Determining the correct value for the rights you are selling is critical in this process. To do this, financial statements must be updated and prepared to comply with New Jersey and Federal law. A formal contracts will likely be written to solidify the sales agreement. Careful review of this agreement is essential so that all concerns voiced during negotiations are accurately presented.

What Will I Give Up in the Business?

Essentially, the sale of a business entails the passing of a right known as ?control?. With control of a business, a party may direct its operations and dispose of its property as it sees fit. Since buyers in Passaic are generally concerned with acquiring control, they may be willing to allow other rights, such as the right to future earnings, to remain with the seller in exchange for the cheapest price on the right of control. These particularities make negotiations vital, during which each party should use the opportunity to voice their intentions and concerns.

How Can an Attorney Help?

The advice of a local attorney practicing in Passaic will make it much easier to ensure the sale of your business is in compliance with New Jersey law.

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Life in Passaic

Passaic, New Jersey is a city in Passaic County. As of a 2008 Census estimate, its population is just under 67,000 people.

The city of Passaic can trace its origins to a Dutch settlement established in 1679, on the Passaic River. "Passaic" comes from the Lenape word pahsayèk, which means "valley." The 19th Century saw a great deal of industrial growth, becoming a center for the textile industry. Passaic is sometimes called the "birthplace of television" because, while the TV was not invented there, it is the site of the first permanent TV station designed to broadcast to consumers. It began transmission in 1931.

Currently, portions of Passaic are designated by the state of New Jersey as "urban enterprise zones." This is part of a state program to promote entrepreneurship and economic growth by targeting areas underserved by businesses providing basic services, and encouraging them to set up shop there through reduced sales taxes (3 1/2% as opposed the statewide rate of 7%), and tax credits for hiring new employees.

If you live in Passaic, New Jersey, and need an attorney, chances are good that you'll be able to find one. Thanks to its size, diversity, and proximity to the large city of Newark, there is a significant legal community there. The chances are good that a Passaic, New Jersey lawyer can help you with whatever legal issues you might face.

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