Purchasing an Existing Business Lawyers

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How Should I Decide Whether to Purchase an Existing Business?

Often, purchasing a preexisting business is much easier and much less of a financial burden than attempting to start up an entirely new business.

The most important thing is that a buyer should do her homework about the business. The buyer should understand every aspect of the business, including what the purpose of the business is, how it works, what is its current situation and where it is heading, and what are all the benefits and drawbacks of the business. This should involve an intimate knowledge of the business' finances, including financial records, cash flow statements, balance sheets, etc.

There are some other details that are essential to know about a business before making a definitive decision to buy it:

After Doing the Research, What Steps Should I Take when Purchasing the Business?

The first thing you will have to do is negotiate a price with the current owner for purchasing the business. You must also negotiate what assets of the business you will purchase as the new owner, which is usually done in an installment plan.

Should I Consult with an Attorney When Purchasing a Business?

Purchasing a business can be quite a complex process with many legal formalities and nuances. This is especially true after you and the current owner have outlined the terms of the sale, and now you need to draw up a written sales agreement. Your business attorney can help you write a proper and legally enforceable sales agreement and make sure your interests are represented in the agreement.

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Last Modified: 08-14-2013 03:03 PM PDT

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