Buying a Business in Rhode Island

Find the right Buying a Business attorney in Cranston, RI

Buying a Business in Rhode Island

Purchasing 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.

Purchasing a business occasionally involves laws concerning mergers, acquisitions, negotiations or securities exchanges. These fields are governed by Rhode Island and Federal law.

What Parts of the Business Am I Buying?

If a party wants to direct business operations, the best way is to acquire a right called "control". With control of a business, the party gains all assets and the customer base of the business, plus it also assumed the company's 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". Federal and Rhode Island guidelines are used in the process of due diligence, and not using these guidelines can lead to legal consequences. 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?

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 Rhode Island. Procedures may make buying a business more or less expensive than simply the market value of its assets.

How Can a Cranston Attorney Help?

There are unique requirements in Rhode Island that a party purchasing a business must fulfill. In Cranston, an attorney experienced in Rhode Island law can inform you about the peculiarities of your investment and outline the cheapest way for you to purchase control.

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Life in Cranston

Cranston is located in Providence County, Rhode Island, It was once called Pawtuxet. It is the third largest city in the state, with a population of 80,387 per the 2010 census.

Interestingly, Money Magazine named the city amongst the "100 Best Place to Live" in 2006. CQ Press's conducted research ranks Cranston amongst the "Twenty-Five Top Safest Cities in the U.S."

Popular attractions include the Warwick Mall and the CLCF Building. One unfortunate reason the city is known is because in 2010, the Pawtuxet River overflowed, adversely affecting many prominent sites and residences around Cranston.

Famous residents include A.J. Smith, Deon Anderson, Hugh Duffy, Mark Van Eeghen, Michael Parkhurst, Vinny Paz, Will Blackmon, Tom Denucci, Jeff Diehl, and Mike Stud.

Cranston is also home to attorneys that are able to provide residents and local businesses with excellent legal advice. Therefore, residents and business owners do not need to travel far to have their legal needs taken care of.

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