Business

If you are purchasing a business, it is essential that you, as the purchaser, perform important due diligence in learning as much about the business as possible before you enter into a contract to purchase it. This means that you should investigate the income and expenses of the business as well as the tax returns. You should have your accountant review the important financial records of the company you seek to purchase. In this way, you will have more confidence when you purchase the business.

If you are selling a business, it is essential to know that your purchaser is not only financially responsible to buy the business, but also whether he or she is experienced in operating the business to be sold. This is particularly important when the seller is providing financing to the purchaser to help him or her purchase it.Often times, when a business is sold, the seller provides a portion of the sales price as a purchase money mortgage, so it is therefore essential to know that the buyer will be able to afford the monthly payments.

It is also important to understand that, if the seller provides financing, certain collateral security documents must be filed. These filed documents will represent a lien against the business and afford the seller additional legal protection in the event that the purchaser defaults in the monthly payments or otherwise wishes to sell the business in the future. Upon a sale of the business, the unpaid note must be paid unless an agreement is made to allow the new purchaser to take over the notes.

Corporate Attorney, Alan Ross is experienced in filing a limited liability company in New York State. The law requires that certain advertising be performed in New York in order for the limited liability company to be 100% valid and obtain the status of a legal entity. Attorney, Alan Ross is experienced in knowing the New York State laws regarding the formation of a limited liability company, preparing the operating agreement and arranging necessary advertising as required by law. He will also obtain the necessary tax ID number from the IRS.

Many people still prefer to form a corporation rather than a limited liability company. You should consult with an accountant or tax professional in order to determine which business entity is right for you. Should you have a Sub-Chapter S Corporation or a Sub-Chapter C Corporation? Alan Ross can help you decide, along with your tax professional, which is best for you.

If a business is closing down, do you know how to do it properly so that there are no residual legal effects when the business terminates. Business lawyer, Alan Ross can help you close your business and make sure that you are advised about possible liability for taxes or lingering creditors.