When buying a business, potential small business owners should carefully select a Rochester business attorney to assist with the process. Purchasing a business can be a risky venture. Having the guidance and counsel of an experienced legal professional makes all the difference by providing a smooth transfer of ownership.
Business lawyers regularly deal with issues of starting and running small businesses. By hiring an attorney at the onset of business negotiations, entrepreneurs have access to professional counsel that can help to prevent potential legal issues that may arise.
So what exactly should aspiring entrepreneurs look for in a business lawyer? Here are four considerations when choosing a lawyer for business acquisitions:
- Personally interview potential attorneys – Law firm should regularly handle business purchases and sales. Clients should feel comfortable with the lawyer’s approach and demeanor. Confirm expertise and make sure attorney will be responsive to needs.
- Understand the services business lawyers provide – attorneys will research and reserve business trade names, file fictitious name statements, reserve and register corporations or LLCs, create partnership or corporate agreements, apply for business licenses and permits as well as review commercial leases. Request a list of provided services to fully understand the firm’s offerings.
- Handle some issues but allow an attorney to review – some business entrepreneurs like to handle certain tasks themselves. But never sign anything without allowing an attorney to review the documents first. Negotiating and signing a contract to purchase a business without attorney oversight involves potential pitfalls that can create binding and costly terms not favorable to buyers. Attorneys protect their clients from making legal and financial mistakes during negotiations.
- Business sales are detailed and complex – the paperwork for purchasing a company is usually highly detailed and full of legal jargon. How can buyers protect themselves from previous owner’s debts or liabilities? What if buyers need to withdraw from a sale and want to avoid penalties? These are issues business lawyers handle on a daily basis. Their goal is to protect client interests in every aspect of contract negotiations and paperwork.
Rochester business attorney Carl Steinbrenner specializes in business purchases and sales. With over 20 years of experience representing business interests, Steinbrenner has also served as counsel for many Fortune 500 start-up companies. His no-nonsense approach means you’ll receive clear, bottom line advice and prompt personal attention for all your business and legal needs. For help navigating a new business or franchise purchase, contact Rochester business lawyer Carl Steinbrenner today at (585) 563-4875.
Tags; Rochester NY Attorneys Business Corporation and Partnership Law