Buying a Business in New York
Purchasing a business can be a worthwhile investment, but whether it is purchased by an individual or another company, the transaction is complicated.
Federal and New York law concerning mergers, acquisitions, negotiations and securities exchange occasionally come into play during the purchase of a business
What Parts of the Business Am I Buying?
If a party wants to direct business operations, the best way is to acquire a right called "control". With control of a business, the party gains all assets and the customer base of the business, plus it also assumed the company's debts. A complete picture of the financial position of the business is important for the purchaser to make his decision. This picture is acquired through a process called "due diligence". Federal and New York guidelines are used in the process of due diligence, and not using these guidelines can lead to legal consequences. Following the process of due diligence dutifully is the best way to inform oneself for whether to purchase a business. Also if the business is eventually bought, transfers of ownership happen much more easily once the process is followed.
How Much Will the Business Cost?
How much a business will cost varies on the type of business, how much ownership stake you need to assert control, and the value of the business property. The procedure for how the right of control can be transferred or modified is defined by particular laws in New York. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Irvington Attorney Help?
There are unique requirements in New York that a party purchasing a business must fulfill. In Irvington, an attorney experienced in New York law can inform you about the peculiarities of your investment and outline the cheapest way for you to gain control.