Buying an existing business?
Recently, there have been a number of clients who have had questions about purchasing a business. There seems to be a few misconceptions regarding the types of agreements and the resulting tax consequences for each. The first thing that should be stated is that the agreement being used will depend largely on the size of the business being transferred. A publicly traded company is sold under terms and conditions which vary greatly from those under which a corner market is sold. The inclusion or exclusion of company assets and employees also has an effect on the agreement.
As always it is prudent to speak to an attorney before entering into any agreement to buy or sell a business. Seeking the advice of an accountant will also prevent a lot of trouble later on. Please feel free to call (516) 858-2620 to speak with an attorney who can assist you in drafting a business purchase contract!
The Law Firm of VAUGHN & WEBER, PLLC is here to assist you. We are conveniently located in the heart of Nassau County, Long Island, at 393 Jericho Tpke., #208, in Mineola, NY. Contact us at (516) 858-2620 to arrange a consultation.