Rent an Attorney to Purchase or Promote a Florida Enterprise – Enterprise Law Authorized Blogs Posted by Brandon F. Loshak
Hiring an attorney to buy or sell a Florida business
Transactions in which businesses are bought and sold are fraught with complicated factors. If you are considering selling your business or buying a business, you need to make sure that you fully appreciate the agreements and contracts you sign as part of the deal.
Your attorney will work with you to negotiate a favorable transaction and explain all aspects of the contracts to you so that you are fully informed when these agreements are entered into. Your attorney will also prepare documents and do the necessary research to protect your interests.
If you are looking for a legal representative to help sell or buy a business, contact Loshak Leach LLP at 954-334-1122 for advice.
How a lawyer can help you sell your business
You’ve built your business, but now it’s time to sell the company and move on to other pursuits. Selling a business is complicated because not every aspect of the sale involves something tangible. Part of the value of your business depends on how you have structured your business, developed goodwill, and created a functioning entity that will endure even the actor you are leaving.
Your attorney is one of the professionals who determine the value of your company. This process is complicated and often technical. Different professionals may place different values on a company, but your attorney will act as your legal counsel in the process and see that you get a fair deal.
When presenting the information about your business to buyers, your attorney will help you describe the facts in a way that the buyer can see the value of your business. Your attorney will also ensure that all transaction documents and steps meet all legal requirements.
How a lawyer helps you buy a business
When buying a business, your lawyer likely has more work to do as part of that process. It is your attorney’s job to make sure of this, but you consider every factor before making the purchase. Your attorney will help you investigate the company’s liabilities, assets, and equity. Many business sales will also have certain terms and conditions. Your lawyer will review these documents and inform you of any conditions that could have an adverse effect.
Your attorney will also prepare legal documents related to the sale. The terms of these contracts can vary and your attorney must negotiate terms that will work to your advantage. Sometimes you need to negotiate an advisory relationship with the seller. If you need information from this person to learn more about running the business, your attorney can create a separate advisory agreement detailing the terms and time the seller will support and train you.
Types of business sales
It is important to remember that there are two types of business sales. You may be selling the legal entity that is your business. For example, if you own a company that you organized as an LLC, you can sell a stake in that legal entity or stock or shares in that company. When an individual or company purchases the entire legal entity, it also becomes the owner of all corporate liabilities. In these cases, the buyer’s lawyers should carefully examine the documents for possible legal weaknesses.
It is also possible to complete an asset sale. In these cases, the buyer acquires the company’s assets but does not take over the legal entity. The buyer can limit his legal liability in this way. This type of business sale is more common in Florida because buyers are more comfortable buying assets than legal entities.
Buying a company has legal implications and regulatory requirements. Your attorney may need to contact officials in your state and file forms with various agencies. You may also need a certain type of business license that your lawyer can help you obtain.
Regardless of whether you’re buying or selling a business, your attorney wants to make sure your contract doesn’t lead to litigation and costly litigation. Your attorney knows what to look for when drafting and negotiating terms to protect you from potential legal exposure.
Hiring an attorney to sell or buy a business
Selling your business is an important decision, and you should make sure that the agreement honors all of your hard work. Buying a business is also an important step in someone’s life and a significant investment. Individuals on either side of these transactions should feel confident about the terms they are agreeing to.
Loshak Leach LLP serves clients in Palm Beach, Broward and Miami-Dade. To buy or sell a South Florida business, call us today at 954-334-1122.