Selling a Business in New York

Find the right Selling a Business attorney in Binghamton, NY

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 York laws that govern mergers, acquisitions, negotiations and securities exchanges.

How Do I Sell a Business?

Obviously, the first step in selling a business is to either receive an offer or solicit one. In Binghamton, purchase agents do more than simply find buyers. They also lend advice about which offers are worthwhile to consider. The purchaser may want financial records to be updated in accordance with New York and Federal law. This may be required by law in some cases, and besides, it always helps in determining the correct value for the rights you are selling. As an agreement for the purchase is reached, usually 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 can use the business property as it sees fit. A party seeking to purchase a Binghamton business may not be concerned with all aspects of the company. In fact, purchasers are usually 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. The wide variety of concerns that buyers may have make the negotiations process particularly vital. It's important at the outset for each party to make plain their intentions and concerns.

How Can an Attorney Help?

In selling a business, the seller must meet the requirements of New York law. A local attorney practicing in Binghamton will be able to advise you about your particular sale.

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Life in Binghamton

Binghamton is the county seat of Broome County in the state of New York. With a population of 47,000, it is considered the cultural center of the "Greater Binghamton" area, also known as the "Triple Cities" metropolitan area. It was settled as early as 1802 and officially incorporated as a city in 1867. Currently Binghamton is known for being a city with a rich history of technological innovation. The city is the birthplace of companies like IBM, Link Simulators, and Dick's Sporting Goods. Binghamton University is also located nearby and is an important contributor to the economy and educational atmosphere of the Triple Cities area.

Residents of Binghamton enjoy the city's many urban and rural trails, which are suitable for bicycling and walking. One of the more popular urban trails is the Downtown and Northside River Walk, which winds past many of the town's main attractions. Binghamton also boasts a number of fitness and recreation facilities.

Notable Binghamton residents have included musical composer Frederick Ayres and author Liam Murphy. Binghamton has also made several appearances in many films, TV shows, and books.

Lawyers practicing in Binghamton, New York typically file their cases in either the Binghamton City Court or the Broome County Courthouse. The Binghamton Supreme Court Law Library has proven to be of great assistance for many Binghamton lawyers. Binghamton lawyers practice in a wide variety of legal fields and topics.

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