Download The Complete Guide to Buying a Business by Fred S. Steingold Attorney PDF

By Fred S. Steingold Attorney

The straight forward info and varieties you want to purchase a enterprise! if you are able to collect a company, ensure you shield your pursuits and get the easiest deal attainable with the entire consultant to purchasing a company. It indicates you ways to: ind the appropriate company examine the seller's numbers make experience of the tax matters negotiate a money plan arrange and signal a revenues contract shut the deal provide yourself with protection from present liabilities hinder the vendor from competing opposed to you paintings with legal professionals, accountants and agents the entire advisor to purchasing a company offers a CD-ROM that is helping you create greater than dozen an important felony records, together with: the revenues contract confidentiality letter promissory notes and safeguard agreements noncompete and consulting agreements remaining checklists The 2d variation of the entire consultant to purchasing a company is totally up-to-date to mirror the most recent legislation and tax numbers. each record is observed via thorough, plain-English directions.

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But before we delve into these many details, let’s devote this section to understanding the big picture. Coming Up With a Budget No matter how eager you are to buy a business, you need to first take stock of your overall financial picture. Your enthusiasm for becoming a business owner can quickly turn into misery if you get in over your head. So plan to deal with dollar-and-cents realities right from the start. The most likely scenario is that you’ll buy a business on an installment basis. Typically, you’ll make a substantial down payment to the seller and then pay the balance in monthly installments over a number of years.

Buyer warranties. What warranties will you make? For example, until the seller has been paid off, will you be asked to agree to keep the business equipment in good shape, to maintain the inventory at presale levels, and to continue to operate from the existing location? • Liabilities. How will you and the seller handle current business debts? Will responsibility for some current debts (and even potential lawsuits) be transferred to you? Or will the seller agree to stay liable for all presale obligations?

That means the existing shareholders will continue to own what amounts to nothing more than the Protobiz corporate shell. The corporation will have no (or few) assets other than the promissory note you sign for the balance of the purchase price. Similarly, if you decide to buy the a­ ssets of Old Stuff LLC, the company’s members will agree to have Old Stuff LLC sell you all or most of the company’s ­assets. The LLC members will continue to own the LLC shell. If the LLC sells its ­assets to you, its only remaining asset will probably be the promissory note you sign.

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