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 Northwood 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. A complete picture of the financial position of the business is important for the purchaser to make his decision. This picture is acquired through a process called "due diligence". Through due diligence, federal and Ohio 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 purchase 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 cost 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 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 Northwood Attorney Help?
In Ohio, the law poses requirements for a party purchasing a business to fulfill. An attorney experienced in Ohio law practicing in Northwood can help you comply with these laws and acquire control of the business you want to buy as cheaply as possible.