When to Hire a Business Attorney for Buying a Businesshttps://toppinslawfirm.com/wp-content/themes/toppins/images/empty/thumbnail.jpg 150 150 sophy sophy https://secure.gravatar.com/avatar/2a04717d7e8d3f7c0c657f34720c1621?s=96&d=mm&r=g
The decision to buy a business in America can be a very difficult one to make. Besides having to thoroughly analyze your financial position to ensure that you truly can afford to buy and run the business, you will need to review the legal implications of purchasing the business to ensure that your personal and financial interests are duly protected.
Although buying a business sounds very easy and quick on paper, it should be noted that there is more to it than just making a financial commitment. There are lots of legal aspects to the entire purchase process and unless you have prior experience in business law, it is very easy for one to make a costly mistake which might come back to haunt you. This is why it is always advisable to hire a business attorney to help you with the entire procedure of purchasing a business.
Although it is not a legal requirement in the United States, hiring a business attorney to help you purchase a business within or outside the country will ensure that your rights are protected and you will get the best possible deal for your money. If you are looking to purchase a business in the U.S and don’t know why you should hire an attorney to oversee the entire process, here is a look at the role of an attorney in the purchase process and reasons why it is important to hire a business attorney for the same purchase of a business;
Role of a business attorney in purchasing a business
Determine whether the business you are buying has complied with all local, county and state laws
Before purchasing a business, it is imperative to first of all determine whether the business is legal and that it has complied with all the local, county and state laws. Determining all this information without help from a business attorney can be very difficult. The attorney knows of the documents to ask for and other proofs which prove compliance with the relevant authorities.
Ensure the location is zoned properly for the business you are buying
It is also is the obligation of a business attorney to determine if the business a client is looking to purchase is zoned or located in a good area for operating the business. A business attorney will advise his/her client on the best location for whatever business they are intending to buy to ensure that they get maximum returns on their investment.
Review, draft, or modify purchase agreements
It is the role of a hired business attorney to draft, review and modify any purchase agreements made by their clients to ensure that all clauses are properly drafted. The attorney also needs to ensure that the purchase agreements have a well outlined non-compete clause which will protect the interests of the buyer of the business.
Before handing over the purchase agreements, the attorney needs to go through all the terms and clauses therein to ensure that there are no suspect clauses which might lead to litigation or lawsuits against the purchaser of the business.
Negotiate contracts on behalf of clients
Business attorneys are also tasked with negotiating contracts pertaining the purchase of a business on behalf of their clients. With their knowledge in business law, they are capable of not only advising clients on the best course of action to take when making purchases but are also capable of personally taking part in contract negotiations in a bid to improve the chances of their clients getting better deals.
Advise clients on the current state of the business they are intending to buy
Besides checking for the legality of the business which their clients intend to buy, attorneys are tasked with researching and informing their clients on the entire corporate history of the business they are intending to buy. This basically means that the attorney will need to look at the tax paying records of the company, any debt which has not been settled and any civil liabilities.
Advise on whether to acquire the existing labour or hiring afresh
When purchasing a business, the buyer has the option of incorporating the existing employees or choosing to hire a new team to help run the business. The attorney hired to help purchase the business will offer the best counsel on how to go about this matter.
From the roles of business attorneys in the purchase process of businesses, it is safe to conclude that the attorneys play a very important role in the entire process. If you are looking to buy a business therefore, the first step should be to hire a competent and experienced business attorney and we here at Toppins Law Firm, are here to offer the best business legal services at affordable prices. Our attorneys have a combined experience of more than 40 years and will help you to safely and easily purchase a business of your choice.
Give Toppins Law Firm a call today and we will gladly be of good service to you.
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