Buying or selling a business is complicated. You must negotiate agreements to make sure no-one is taking advantage of you. You must comply with government registration and regulations. You must review and understand the loan and/or mortgage documents necessary for financing the transaction. Every sale or purchase is unique and presents its own challenges. You may be purchasing a business to start on a new career path or buying into a field you have known for a long time. You may be selling to pursue new opportunities or to have a relaxing retirement. We have represented many area businesses, from tool and die manufacturers to building contractors, from banks to physicians. Let us help you achieve your goals.
Many individuals who are laid off or fired for reasons beyond their control can collect Unemployment Compensation for a period while they are looking for a new job. Some enterprising individuals take this time to go into business for themselves. It sounds like a great plan. The person has the time to form the new business because he or she is unemployed and the unemployment compensation benefits to help pay bills until the business is running. The idea of someone picking himself or herself back up and creating his or her own business is quite noble and romantic. For many, that is part of the American dream. Unfortunately, that spirit of entrepreneurship may lead to a trap. Continue reading
The family business is often the parents’ legacy to one or more of their children. It represents a lifetime, or sometimes several generations, of struggle and success. Without special estate planning by the parents, a child who has devoted himself to the family business can easily lose the fruits of his labors. Tax planning is also vital in this instance. Continue reading