Buying a Business in New York

Buying a business can be a worthwhile investment, but whether it is purchased by an individual or another company, the transaction is complicated.

There are specific 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 buys a business in Seneca Falls, 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. To make his decision, a buyer will want a complete picture of the financial position of the business. Through a process called "due diligence", a company's financials become clear. Federal and New York guidelines define the process of due diligence, and sometimes legal consequences arise when these procedures are not followed properly. However, obedience to the process of due diligence leads to a better informed decision about buying the business. And afterwards, it may also help the ownership transfer to go more smoothly.

How Much Will the Business Cost?

The price of a business mostly depends on how much ownership stake is required for control. The value of the business property and the type of business are also important factors. There are specific laws in New York that dictate procedure for how the right of control of a company can be transferred and modified, and these procedures may make buying the business cheaper or more expensive, depending on a variety of factors.

How Can a Seneca Falls Attorney Help?

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