Five Steps to Buying a Small Business In New York – Part 2: Negotiating the Terms of the Deal
Once you have found a business that seems like a worthwhile acquisition (a “target”), you are ready to negotiate the terms of the transaction. But what are the typical terms of a small business purchase? What is there to consider? In other words, what are you in for? Enter: the “term sheet,” also known as a “letter of intent” or “memorandum of...
Read MoreKen Adams’ Thoughts on “For the Avoidance of Doubt”
Many lawyers draft contracts that are too long, too complex, and just badly written. Bad agreements are hard to eradicate, because everybody copies everybody else without thinking twice about it. Agreements should be easy to read and should make sense from a legal and logical perspective. Fortunately, Ken Adams and his blog have come to the rescue. In one of his recent posts, Ken discusses the...
Read MoreFive Steps to Buying a Small Business in New York – Part 1
See Part 2 here; Part 3 here; Part 4 here; Part 5 here; This is the first in a series of five posts working through the process of buying a small business in New York. This series will focus on the legal aspects of such a transaction and an attorney’s contribution to a successful business purchase. Let’s start with an overview of the usual sequence of events when buying a business....
Read MoreHow to Form a New York Corporation
If you are determined to pay no more than $99 dollars for your business incorporation, why not do it yourself? Here is how: STEP 1: Prepare a “certificate of incorporation”. Download this sample form which is also available on New York’s Department of State, Division of Corporation website. How to fill out the form: Under "First": Fill in the name of ...
Read MoreGoing into Business Together: Don’t Rely on a Handshake!
Great – you have found people who share your vision to own and grow a business. But don’t forget that going into business with other people requires you to think ahead and be clear about the relationship. This is your livelihood and future. Do not think for a minute that conflicts can be resolved as you go along. Even the best of friends can end up in serious conflict over issues that might...
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