Legal Aspects of Buying a Business

Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois

Buying a business can be complex, whether you are buying all the assets or merely a portion. If you are purchasing an entity, you have to decide whether you will merge it with other businesses you may own or whether they will continue to exist as separate entities. These transactions can often come with strings, including attempts by the previous owners or third parties to stop the purchase or sale. This can be true even for the smallest family-owned business. The transactions can also suffer serious tax penalties if not properly conducted.

To make sure you avoid these pitfalls, consult a lawyer as soon as you begin considering the purchase or sale of your business. Our firm is experienced with business transactional law. We have seen what makes a deal successful, and what can make it fail. We can help you structure the deal to maximize your benefit. Once the deal is structured, we can help you navigate the complexities of the entire transaction, including:
Writing Non-Disclosure Agreement and Non-Compete Agreements
Writing a Letter of Intent that does not unintentionally commit you to an unfavorable course of action or allow the other party to take advantage of unspecified details.
Writing the definitive agreement structuring the transaction.
Securing the help of local experts on all aspects of the process, including accountants, lenders, and tax advisors.
If you are considering the purchase or sale of a business, contact us to schedule a free consultation.