Buying or Selling a Business in Illinois
Lawyers for Business Sales and Purchases in the Chicago Area
There are many different situations in which a business may be purchased or sold. An entrepreneur may wish to acquire a fully-functioning company rather than starting a business from the ground up, one business may complete a merger or acquisition with another company, or a company’s owner or partners may wish to transfer ownership through a business succession plan. There are multiple ways in which business transactions can be completed, and the legal steps that will need to be followed can differ depending on the individual situation. By working with a skilled business law attorney, the parties can ensure that a business sale or purchase can be completed successfully.
The Gierach Law Firm, LLC provides dedicated legal help to business owners, partners, and shareholders, and we have more than 30 years of experience handling business law matters. Whether you are buying or selling a business, Attorney Denice Gierach and the team of lawyers at The Gierach Law Firm, LLC can help you understand the legal and financial issues involved, make sure the right procedures are followed during the transaction and work with you to build a successful business strategy.
Stock or Asset Purchases
The purchase or sale of a business is typically completed in one of two ways. In a stock purchase (also known as an entity purchase), an owner will purchase the majority of the stock or ownership shares of the business. The new owner will take control of the company, and they may also assume ownership of the company’s assets and responsibility for the company’s debts.
in an asset purchase, the new owner will buy some or all of the assets owned by a company. These assets may include product or merchandise inventory, office or manufacturing equipment, real estate property, or intellectual property such as trademarks, copyrights, or patents. The original owners or partners will maintain ownership of the business entity, and they will typically retain responsibility for business debts.
During a business sale or purchase, The Gierach Law Firm, LLC can ensure that all legal issues are considered and addressed properly. We can perform due diligence of the business under consideration, including obtaining an accurate valuation of the company that addresses its assets, debts, and tax liabilities. We will help create a letter of intent or a memorandum of understanding that fully details the particulars of the transaction, and we will work to negotiate a purchase agreement that protects the rights of all parties involved in the transaction.
We can also help you address the other issues related to a business transaction and craft a strategy to help ensure that the business can be successful going forward. This includes addressing employment matters, such as determining whether to retain officers or managers, creating new employment contracts, and ensuring that the proper policies are in place regarding salaried employees, hourly workers, and/or independent contractors. We can also help determine whether the business will need to be restructured or reorganized under a new business entity, and we can assist with business tax planning.
Contact Our Naperville Business Law Attorneys
If you are planning to purchase or sell a business, The Gierach Law Firm, LLC can provide you with dedicated legal help from the beginning to the end of your transaction and beyond. We will ensure that you have fully considered all of the legal and financial aspects of the sale, and we will work to negotiate favorable terms and ensure that your rights are protected at all times. Contact us today in Naperville at 630-756-1160 or in Hoffman Estates at 847-519-0505 to arrange a consultation.