A Comprehensive Guide to Buying or Selling a Business in Massachusetts
Understanding the Basics of Business Transactions
If you're exploring the world of buying or selling a small business in Massachusetts, our expert business lawyers are here to assist you. Before diving into the process, there are crucial insights you should be aware of.
Understanding Asset Sale vs. Corporate Entity Sale
Whether you're the buyer or seller, one of the initial decisions revolves around choosing between an asset sale or a sale of the stock or membership interests in an established corporation (LLC, S Corp, or Corporation).
An asset sale involves purchasing the assets of the business, including intangible assets like goodwill, without assuming the seller's obligations unless specifically agreed upon. Conversely, acquiring a corporate entity means stepping into the seller's shoes, encompassing both assets and liabilities.
While purchasing the entire entity simplifies the transfer of essential business elements, it also carries the burden of potential liabilities, especially if the company has a history or employees. Due diligence is crucial, and considering an asset sale may be a viable option.
Seeking the Right Professionals
If you're new to buying or selling a business, finding the right guidance is paramount. Consider consulting these professionals:
Key Terms and Considerations
Once the purchase price is determined, several other terms require attention:
Addressing Employment Matters
For businesses with employees, handling the transition is vital:
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Our experienced business lawyers are here to provide expert guidance and support throughout your business buying or selling journey. From legal document preparation to navigating complex negotiations, we're dedicated to helping you achieve your goals. You can use the button below to schedule a free consultation, or give us a call at (781) 784-2322.