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 Woodbury 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". The process of due diligence uses Federal and New York guidelines to protect both parties. If these guidelines are not followed, a party may be found in breach of a legal duty. However, due diligence will lead to a better informed decision concerning whether you want to buy the business. Also, it will help the business to transition more smoothly to new ownership.
How Much Will the Business Cost?
Control of a business is sold for an amount that is necessary for a party to acquire an ownership stake. The value of the business property and the type of business factor in to determine the exact price. 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 Woodbury Attorney Help?
The laws in New York place many unique demands on parties seeking to purchase businesses. An attorney in Woodbury, 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.