Understanding Buying a Business in New Jersey
Buying an existing business can be a complicated and complex procedure. Our attorneys at the Law Office of Himelman and Himelman understand the business climate and can assist you in your endeavor to expand your business. We make sure that the transaction is completed in a timely manner, with all legal documents prepared accurately, and that all your rights and interests are protected.
Questions to Consider When Buying a Business
If you are considering purchasing an existing business in NJ, you will need legal protection beginning with the start of negotiations for your purchase contract. When buying a small business, you will need an experienced attorney from the start.
First, you must determine a fair price and the terms of the sale.
- Will you be obtaining financing from a bank, or will the seller be financing the sale by holding a note or lien on the business assets?
- Are there any issues regarding restrictive covenants or covenants not to compete involved in the transaction?
- Will the landlord permit the assignment of the lease or seek an increase in rent? Will the landlord agree to extend the lease term? Have you carefully reviewed the existing lease?
You will also need to consider the following questions:
- Are you aware of any zoning issues which may affect the operation of your business in your location?
- Are there liens or debts of the existing business? Does the seller owe taxes to the IRS or state of NJ?
- Is the business you are buying a franchise? If so, what are your obligations under the Franchise Agreement?
- What about the ecommerce implications? i.e., ownership of a website, hosting, costs, etc.
Buying a business in New Jersey does not have to be a difficult process. Our experienced business attorneys can help guide you through the legal process, and make the process of buying a business in NJ a smooth one. Are you interested in selling a business, or the sale or purchase of a New Jersey Liquor license? We can help with those areas of business law as well.