For someone interested in buying an existing business, it can be a long road to closing. Aside from learning how the business operates and creating your own business plan, there are many legal considerations that must be addressed before you simply close the deal and step into running a business. For instance, one common item that is overlooked by many new business owners is forming an entity, whether it be an LLC or corporation, to protect their personal assets and shield them from any liabilities related to the transaction. Our firm can assist in forming these entities.
Buying a business also means that you may be taking over contracts entered into by the seller, and employees of the business. These type of considerations are just part of the review and negotiation process that takes place long before the parties meet at the table to sign the closing documents.
The phrase “buyer beware” may be used when buying an old used car, but should never be the case when you are purchasing a business. Our firm believes it is important to update clients, carefully explain all potential issues surrounding the transaction, and make sure they have a clear understanding of what the process of buying the business entails.
Call us today 215-525-1165 to find out how we can help you own an existing business.