Buying a Business in Rhode Island
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.
Buying a business sometimes 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 acquires 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 buyer to make his decision. This picture is gained through a process called "due diligence". The process of due diligence uses Federal and Rhode Island guidelines to protect both parties. If these guidelines are not followed, a party may be found in breach of a legal duty. Following the process of due diligence faithfully, however, leads to a better informed decision about the purchase of the business. It can also help the ownership transfer to go more smoothly.
How Much Will the Business Cost?
How much the right of control will cost depends on how much ownership stake is required. The value of the property of the business may add to the price as well. The process for how the right of control can be transferred or modified is defined by specific 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 West Warwick Attorney Help?
The laws in Rhode Island place many unique demands on parties seeking to purchase businesses. An attorney in West Warwick, Rhode Island can inform you of the particularities of your investment as it relates to local law, as well as advise you of the least costly route to acquiring control.
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