How Can An Attorney Assist In The Buying Or Selling Of A Business?
If an attorney helped create and manage a business, they will be well-suited to assist in the buying or selling of that business, and things will run a lot smoother than they would with an attorney who knows nothing about the business. With that said, any attorney can assist in these processes by first determining what is actually being bought or sold. In other words, it will have to be determined whether the business is even a legal business entity. Oftentimes, people will operate a business under their own Social Security number.
If someone is selling a business and the good will of that business is mainly based on the principle professional in it, then that will impact the value of the business. Even if a professional business generates one million dollars per year in annual revenue, it may not really have any value if the value is tied to the person who owned it. For example, if a medical clinic is being sold, and all of the patients that gave value to that clinic go elsewhere once it is actually sold, then there will be little to no value in the clinic itself. Valuing a business is a very technical and hard thing to do, and before making an agreement it is important to be sure that the right price is being paid.
What Are Important Factors To Consider And Issues To Look Out For When Buying Or Selling A Business?
When buying or selling a business, it is important to have a professional evaluate the business, as well as identify any claims against the business, such as those that involve malpractice, negligence, or damage. A thorough evaluation of a business will involve seeing hard numbers, copies of tax records, and information pertaining to potential liabilities.
What Qualities Should I Look For When Hiring A Business Law Attorney?
When looking for a business attorney, it is important to look for someone who has a good deal of experience handling business matters. For example, has the attorney set up their own entity, or are they just working for someone else’s firm? When speaking with them, do they seem knowledgeable about different business structures, and are they able to elucidate the nuances between them? Do they understand things like personal asset protection and tax benefits? These are just a few things with which any good business attorney should be very familiar. Accountants are known for being extremely conservative and advising people not to take advantage of certain tax advantages that they may have, and attorneys might do this as well. People should look carefully at those types of matters.
What Sets Your Firm Apart In Handling Business Law Matters In Arkansas?
The typical law firm approach is to meet with a client once, set up a business for them, and provide no practical advice on how to run that business. If that’s all a person wants, we can certainly offer that, but we prefer to build a relationship, give them advice on how to keep their business in compliance, and advise them on the best way to run the business, maximize benefits, and keep it all separate from their personal life. We also offer programs that clients can subscribe to and receive access to advice at any time. Run-of-the-mill law firms don’t offer this; they’ll deal with a client once, and move on.
For more information on Attorneys Assisting In Business Transactions, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (479) 521-1110 today.
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