Business Sales and Purchases in Orlando, Florida
Selling a Business
When selling your business, there are a number of legal and financial issues you should keep in mind.
After marketing your sale and when an interested buyer is found, it could be argued that the initial negotiation stage is the most important part of a sale, as the terms and conditions outlined here form the basis of the entire process.
Upon closing a business sale, ownership is transferred to the buyer. Gathering and filling out the requisite documents for closing a business sale is a complicated process and one that is best done with the help of a qualified attorney. Having an experienced practitioner guide you through the process is the best way to ensure closing the sale is as straightforward as possible.
During this process, it’s important to know the tax implications of a business sale. Under Florida law, business sales can be taxed heavily. Hiring an attorney is a great way to determine strategies to lower the impact of these taxes. In addition, after selling a business, certain paperwork needs to be filed with the IRS to complete the process.
Buying a Business
Buying a business is a complicated process but can be immensely rewarding for the parties involved. Purchasing an existing business has its own distinct set of pros and cons from starting a business of your own. Depending on the state of the business for sale, purchasing can have fewer risks than striking out on your own. However, even with fewer startup costs, these businesses may already be facing potential problems that you need to be aware of.
Before you commit to the sale, it’s important to do your due diligence. Doing your research beforehand can save you any unpleasantries down the road, ensuring that your investment is a fruitful one. Do you know the kind of clientele the business caters to? What about its financial history? Are there any outstanding licensures or permits you need to acquire?
Give Us a Call
With a qualified attorney in your corner, you can be sure that your sale or purchase of a business is as straightforward as possible. If you are considering one of these moves, get in touch with Allan C. Draves today to schedule a free consultation.