Buying a Business in Ohio

Buying a business can yield great profits in the future. However, individuals and companies seeking to buy businesses should be aware of the complications of the transaction.

Specific regulations concerning mergers, acquisitions, negotiations or securities exchanges may be implicated when you buy a business. These areas are all governed by Federal and Ohio law.

What Parts of the Business Am I Buying?

Buying a business in Willard 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. To make his decision, a buyer will want a complete picture of the financial position of the business. Through a process called "due diligence", a company's financials become clear. 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. However, obedience to the process of due diligence leads to a better informed decision about buying the business. And afterwards, it may also help the ownership transfer to go more smoothly.

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. There are specific laws in Ohio that dictate procedure for how the right of control of a company can be transferred and modified, and these procedures may make buying the business cheaper or more expensive, depending on a variety of factors.

How Can a Willard Attorney Help?

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