Buying a Business in Ohio

Find the right Buying a Business attorney in Akron, OH

Buying a Business in Ohio

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 Ohio 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 Akron 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 Ohio guidelines to protect both parties. If these guidelines are not followed, a party may be found in breach of a legal duty. 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?

How much a business will cost depends on the type of business, how much ownership stake you need to assert control, and the value of the business property. The process for how the right of control can be transferred or modified is defined by specific laws in Ohio. Procedures may make buying a business more or less expensive than simply the market value of its assets.

How Can a Akron Attorney Help?

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

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Life in Akron

Akron is the fifth largest city in Ohio. It is located in Summit County, near the Great Lakes area. In fact, Akron is about 40 miles from Lake Erie.

Some popular sites include the Cuyahoga Falls, the All-American Bridge, the Goodyear Polymer Center, and the All-American Soapbox Derby.

Interestingly, in 2001, Akron was named fifth on the list of "high tech havens" by Newsweek. It has also been awarded as one of the "World's Most Livable Cities," by the National Civic League.

Top employers include Goodyear, The Kelly-Springfield Tire Company, GOJO, A. Schulman, FirstMerit Bank, and Bridgestone. Of course, to support these businesses, and local residents, Akron has a very competent legal force. Many attorneys practice law and devote themselves to providing excellent legal services.

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