Buying a Business in Ohio
Purchasing a business can be a worthwhile investment, but whether it is purchased by an individual or another company, the transaction is complicated.
There are particular 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 Independence is actually the purchasing 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 acquired through a process known as "due diligence". Federal and Ohio guidelines define the process of due diligence, and occasionally 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 purchasing the business. And afterwards, it may also help the ownership transfer to go more smoothly.
How Much Will the Business Cost?
How much a business will cost varies on the type of business, how much ownership stake you need to assert control, and the value of the business property. The procedure for how the right of control can be transferred or modified is defined by particular laws in Ohio. Procedures may make buying a business more or less expensive than simply the market value of its assets.
How Can a Independence Attorney Help?
In Ohio, the law poses requirements for a party purchasing a business to fulfill. An attorney experienced in Ohio law practicing in Independence can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.