BUYING/SELLING A BUSINESS
The process of buying or selling a business enterprise in New York involves a multitude of steps, legal considerations and documentation. It is a complicated process for which the presence of experienced New York legal counsel is essential. At Steffy Law P.C., we make sure the purchase or sale of your business enterprise is successful and legally sound.
Our procedure for all matters relating to buying and selling of a business begins with learning all the objectives of the transaction. This enables us to properly advice our client on the comprehensive set of issues that may come up during the process. These issues include business matters, legal roadblocks and financial risks. We take steps to identify these issues and provide proactive measures to solve them right from negotiations to final closeout of the transaction.
Our approach to transactions involving buying and selling of a business is hinged upon a foundation of solid, robust due diligence. We advise our clients on the necessary pieces of information that must be examined and their significance.
There are two primary methods of transferring ownership of a business and these are by sale of assets or transfer of ownership of the entity itself. Each of these two methods comes with its own potential liabilities on both buyer and seller and we advise our clients accordingly. We also work closely with our client’s accountants in order to properly investigate and analyze all the pertinent issues involved.
Depending on what side of the aisle our clients belong to, we either prepare or review the sales agreement. We provide a closing checklist for our clients so they can review that all necessary documents that need to be drafted and executed are present before closeout. Based on the nature of the business, a Non-compete agreement may need to be issued and signed. We ensure the duration and geographic limitations of such an agreement do not impinge on the business interests of our client.
At Steffy Law P.C., we have the requisite experience and expertise to guide you through all the complexities involves in buying and selling a business in New York.