When buying or selling a business, it is vital to cover key points, in writing. This means including price and timing of payment, of course. It also means specifying the physical assets that go with the transfer, including:
If the seller intends to keep certain customers or open up a competing business, this must be discussed and an agreement not to compete (non-compete agreement) may be required. The parties may agree on a mediator or arbitrator to resolve issues that arise after the change in ownership is implemented.
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Corporate Structure Change
The corporate structure of your business can have important consequences in terms of protection from creditors and amount of taxes owed. We will advise you on the advantages and disadvantages of:
Limited liability company structures
We counsel on how to use these tools to provide for proper business succession at the death of a partner. We professionally assist with the drafting of all documents so your intentions are carried out properly as your organization is restructured.