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?
Buying a business in Westchester County is gaining the right to direct business operations. When a party directs operations as they see fit, their right is called ?control? of the business. Like ownership, control includes the right to all the property of the business as well as the assumption of the business debts. A complete picture of the financial position of the business is important for the buyer to make his decision. This picture is gained through a process called "due diligence". Through due diligence, federal and New York guidelines are used to inform both parties, and there may be legal consequences for not following these guidelines properly. Following the process of due diligence dutifully is the best way to inform oneself for whether to buy 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?
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. The process for how the right of control can be transferred or modified is defined by specific 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 Westchester County Attorney Help?
The laws in New York place many unique demands on parties seeking to purchase businesses. An attorney in Westchester County, New York can inform you of the particularities of your investment as it relates to local law, as well as advise you of the least costly route to acquiring control.