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 Patchogue, 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". Federal and New York guidelines define the process of due diligence, and occasionally legal consequences arise when these procedures are not followed properly. 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 the right of control will cost depends on how much ownership stake is required. The value of the property of the business might add to the price as well. 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 Patchogue Attorney Help?
New York poses unique demands that a party purchasing a business must meet. Lawyers practicing in Patchogue are experienced in New York law, and can find the cheapest way for you to purchase control of a business.