What is the proper procedure for buying an existing business in Florida?
Below are the stages that you will go through when you buy a business in Florida and my recommendations:
- Initial stage. First, I will draft, review, and even negotiate the Asset Purchase Agreement on your behalf. This agreement covers the numerous agreement schedules, the covenant not-to-compete, indemnification clause, and terms of sale. At this point, you will be asked to pay for an escrow deposit. You may get the deposit back if you changed your mind and have decided to cancel the transaction before proceeding to the next stage.
- Due Diligence Stage. I will review the legal data which is essential in placing an appropriate value for the deal and liabilities together with a CPA. At this stage, you will be signing an Assignment of Lease Agreement. Both you and the seller including the landlord are required to sign in this agreement.
- Closing Stage. I will help you prepare, discuss, and do negotiations on the following documents to close the deal successfully:
- Bill of Sale and General Assignment
- Sellers Affidavit
- Security Agreement
- UCC Filing for Security
- Stock Certificates
- Assets Allocation Agreement (optional)
- Corporate Books
- Final Inventory
- Corporate Resolutions of Seller and Buyer for the Sale
- Closing Statement of Buyer and Seller
- Closing Agreement
Buying an existing business in Florida is quite complicated that needs detailed attention, focus and time. With my help as a lawyer on creating the draft, reviewing the agreement, getting the needed licenses including the intellectual property right, you protected yourself from the risk, reduced the time spent in processing, and saved money. Furthermore, Operating Agreements or corporate By-laws are highly important to steer clear of a potential lawsuit and massive losses. It will be quite difficult to sell or even buy a business without the help of a lawyer.
Will I be able to obtain a green card when I buy a business in Florida?
Aside from assisting various clients who are selling and buying businesses in Florida, I also specialize in business immigration law. More often than not, one of the purposes of an investor acquiring businesses in Florida is to get a visa. As an experienced immigration lawyer, I can help an immigrant who also happens to be a businessman to secure a temporary visa such as the L-1 visa for managers and executives. I can also help his or her family and get a permanent US residency later on.
Operating a business in the US usually requires legal assistance. I can assist you in creating a draft for agreements for employment, employee handbooks and confidentiality, negotiating with sellers as well as customers for a contract, and solving legal disputes. Should you need assistance of a corporate lawyer or anything associated with business, you can contact me directly at (305) 921-0440 or email me at Romy@jflawfirm.com. I am happy to be of help in buying an existing business here in Florida.