Starting a Florida business from scratch is a time-consuming and demanding task. Depending on your circumstances, the best approach may be to buy an existing business.
If you are interested in purchasing a business in Florida, it is crucial to work with an experienced attorney to oversee the process and guarantee a smooth transaction closing. Keep reading to find out the importance of a business sales attorney in Florida.
Hiring a Business Sales Attorney in Florida – Why Is it Vital for Entrepreneurs?
Although buying an existing business involves fewer risks than starting a company on your own, the decision has several complex factors and legal implications. Expert legal counseling is essential to anticipate potential issues and protect your interests in the transaction.
The first step is to sit down with a business sales attorney to identify the types of companies available for your case. Whether you are acquiring the ownership rights of a small partnership or a large corporation, the company must be related to your professional skills and knowledge.
After filtering the most interesting opportunities, it is time to negotiate to find the best opportunity. The negotiation process is not only about the price of a business, as it grants you the chance to anticipate any potential problems and get out of a “trap” before it is too late.
Hiring a Business Sales Attorney in Florida – The Essentials
Reviewing Business Documents
Business purchase transactions involve quite a lot of paperwork. An expert business sales attorney will review all contracts and documents involved in the transaction.
Depending on the terms involved in the transaction, the purchase agreement may include non-compete clauses, or permit the assignment of existing business contracts to the new owner.
From the seller’s Letter of Intent (LOI) to the final purchase contract, the attorney will review each document to protect your interests.
Handling Due Diligence
Before deciding whether you should buy a business in Florida, you must proceed with due diligence. This process requires legal knowledge and attention to detail. An attorney may help by performing an extensive search to discover:
- Is the business’s finance history positive?
- Is the business profitable?
- The company’s customer base
- Are the pending litigations against the company?
- Are the creditors’ claims or pending debts against the company?
Assessing the Company’s Location
In Florida, the type of business you are purchasing and the county where it is located will affect several aspects of the company.
The location of a business may determine the type of activity it is allowed to conduct and whether the company must obtain specific licenses and permits with the appropriate agency.
Assessing and Handling Tax Implication
Nobody likes taxes, but you must deal with them if you want to own a business in Florida. An experienced attorney may help determine the tax consequences of a business purchase to identify whether an offer is worth the time and money invested.
With no adequate preparation, entrepreneurs may expose themselves to serious tax implications. If you are buying a Florida business, an expert attorney will help lower the impact of taxes.
Do You Need a Business Sales Attorney in Florida? – Contact Attorney Romy B. Jurado Today
With years of experience helping clients succeed in Florida, Attorney Romy B. Jurado is willing to find a cost-effective solution for your case. Call us today at (305) 921-0976 or email Romy@juradolawfirm.com to schedule a consultation.