What Legal Issues Do I Need to Consider When Buying an Existing Tulsa Business?
When purchasing an existing business, you must conduct thorough research to gain a full understanding of what you are really acquiring. Depending on the deal structure, you can acquire the existing real estate, physical assets, intellectual property and customer base. You can also acquire unexpected debts, taxes and legal issues. An experienced Tulsa business lawyer can help you structure a business purchase by reducing the risks and getting your business off to the best possible start.
Some buyers acquire the assets of a business, but others may become owners by purchasing a controlling interesting in the stock. The CPA Journal has a detailed discussion of the considerations involved in choosing the best way to purchase an existing company. When you purchase an ownership interest in the stock, you take control of a fully operational business. While this may seem like an easy way to take advantage of current business operations from day one, it also can expose you to the negative aspects of the business — such as outstanding debt and taxes, and other legal issues.
You have many major decisions to make regarding the most advantageous financial transactions, when purchasing a business in Tulsa. In addition to these practical issues, an experienced attorney can address other factors — such as the unfair competition you can face if the seller decides to locate a new, similar business down the street from your new operations. Your lawyer may recommend adding a non-compete agreement, or other contracts, as appropriate, to protect your interests.
With more than three decades of experience helping companies with all phases of the business life cycle, the law firm of Eller & Detrich, A Professional Corporation understands the legal, financial, and tax issues connected with buying an existing business. We help you make educated decisions regarding every aspect of the deal, to ensure that your business gets off to a good start. Contact us to learn how we can help.