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?
The purchase of a business in Franklin is actually the buying of a right called "control". With this right, a party can direct business operations as it sees fit, it acquires ownership of business assets, and it assumes liability for all business debts. In order to protect the interests of all parties, there must be an accurate and complete picture of the financial position of the business. This picture of the company's financials is gained through a process known as "due diligence". Federal and Ohio guidelines are used in the process of due diligence, and not following these guidelines can lead to legal consequences. 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 Franklin Attorney Help?
There are unique requirements in Ohio that a party purchasing a business must fulfill. In Franklin, an attorney knowledgeable in Ohio law can inform you about the peculiarities of your investment and outline the cheapest way for you to purchase control.