Buying or selling a company exposes both parties to considerable liability. Therefore, both buyers and sellers require detailed legal protections to minimize personal and financial risk.
At the law firm of Smith + Schwartzstein, our attorneys are experienced in the complexities and nuances of buying a business or selling a business in New Jersey. We assist clients with all aspects of these transactions, including:
- Contract drafting and review: We draft legally secure buy-sell agreements. We also review such agreements to ensure that our clients are protected from undue liability.
- Due diligence: We conduct due diligence investigations to make sure that our clients are actually receiving what they paid for in regard to the physical inventory or the goodwill (the good name and reputation) of the business.
- Promissory notes: In any business purchase involving a promissory note, it is wise to have a lawyer review the note and provide a knowledgeable analysis of its implications.
- Leases: Most businesses do not own the property on which they are operating. This means that the purchase or sale of a business will frequently involve property leases and landlords.
- Tax consequences: Business sales require filing with the state in order to determine whether any back taxes are owed by the seller. This can significantly affect the transaction. We also conduct due diligence to determine if the company being sold has any judgments or liens against it, so the party purchasing it is aware of the full financial picture.
To schedule a consultation with one of our lawyers, call Smith + Schwartzstein locally at 973-532-2962 or toll free at 800-779-4098, or contact our Morristown office by email.