Buying a Business in South Carolina

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.

There are Federal and South Carolina laws concerning mergers, acquisitions, negotiations and securities exchange that may impact the purchase of a business.

What Parts of the Business Am I Buying?

When someone buys a business in Tega Cay, they are actually gaining the right to direct business operations as they see fit. This right is called ?control? of the business. Control entails ownership of all the assets and customer base of the business, but it also includes the responsibility for that company?s debts and liabilities. To balance the positives and negatives, the party buying a business must get a complete picture of the financial position of the business. Through a process called "due diligence", a buyer gains this understanding. Federal and South Carolina guidelines define the process of due diligence, and sometimes legal consequences arise when these procedures are not followed 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?

The price of a business mostly depends on how much ownership stake is required for control. The value of the business property and the type of business are also important factors. The process for how the right of control can be transferred or modified is defined by specific 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 Tega Cay Attorney Help?

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