Selling a Business in Rhode Island

Find the right Selling a Business attorney in Newport, RI

Selling a business can be quite profitable after years of work invested. Many businesses look forward to one day being bought by larger firms. The sale can be complicated, however. There are Federal and Rhode Island laws concerning mergers, acquisitions, negotiations and securities exchanges that must be followed.

How Do I Sell a Business?

To sell a business there must be an offer, whether it is solicited or not. Purchase agents in Newport not only help to secure an offer, but also lends advice about which offers are worthwhile to consider. Determining the correct value for the rights you are selling is critical in this process. To do this, financial statements must be updated and prepared to comply with Rhode Island and Federal law. Typically a formal contract will be written as the agreement nears its conclusion. The provisions contained in the contract should present all matters discussed in a fair light, and this requires careful review by both parties.

What Will I Give Up in the Business?

Essentially, the sale of a business entails the passing of a right known as ?control?. With control of a business, a party may direct its operations and dispose of its property as it sees fit. The buyer of a business in Newport may be interested only in control of the business, and other rights within the company may not be as important. Buyers are typically looking for the cheapest route to control, and this may allow the seller to retain other rights such as the right to future earnings. Negotiations become vital in light of these particularities, and each party should use negotiations as an opportunity to make plain their intentions and concerns.

How Can an Attorney Help?

Parties who want to sell businesses must meet the requirements of Rhode Island law. Ensuring that the sale is proper is much simpler with the advice of a local attorney practicing in Newport.

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Life in Newport

Newport is located on Aquidneck Island, in Rhode Island's Newport County. It is near Providence. Why this area is popular is for the famous Newport Mansions and its reputation of being a New England summer resort. A nickname for Newport is the "City with the Summer White Houses."

Some known areas include Salve Regina University, the Naval Station, the Naval War College, the Naval Undersea Warfare Center, and the United States Navy Training Center. Other sites include Gooseberry Beach, Bailey's Beach, Ocean Drive, Newport Cliff Walk, Fort Adams, and the International Tennis Hall of Fame.

Newport is also home to many law offices and small firms. These entities train attorneys to handle any and every legal need.

From its pictures, it is evident that Newport is a small, wonderful paradise hiding in Rhode Island. It is definitely a place to visit!

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