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.

There are particular laws in New York and the US that concern negotiations, mergers, acquisitions and securities exchanges. You may need to consider how these laws impact your situation before you buy a business.

What Parts of the Business Am I Buying?

When someone purchases a business in Nyack, 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. 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". The process of due diligence uses Federal and New York guidelines to protect both parties. If these guidelines are not followed, a party might be found in breach of a legal duty. Following the procedure of due diligence faithfully, however, leads to a better informed decision about the purchase of the business. It can also help the ownership transfer to go more smoothly.

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 Nyack Attorney Help?

In New York, the law poses requirements for a party purchasing a business to fulfill. An attorney experienced in New York law practicing in Nyack can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.