Buying a Business in South Carolina

Purchasing a business can yield great profits in the future. However, individuals and companies looking 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 South Carolina 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. To make his decision, a purchaser will want a complete picture of the financial position of the business. Through a process called "due diligence", a company's financials become clear. Federal and South Carolina guidelines are used in the process of due diligence, and not using these guidelines can lead to legal consequences. However, due diligence will lead to a better informed decision concerning whether you want to purchase the business. Also, it will help the business to transition more smoothly to new ownership.

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. The procedure for how the right of control can be transferred or modified is defined by particular laws in South Carolina. Procedures may make buying a business more or less expensive than simply the market value of its assets.

How Can a Edgefield Attorney Help?

South Carolina poses unique demands that a party purchasing a business must meet. Lawyers practicing in Edgefield are experienced in South Carolina law, and can find the cheapest way for you to purchase control of a business.