Me and a partner are looking into buying a grocery store that is run as a C corporation. We need to know how to go about buying the corporation and taking over operations. We do understand we will have to deal with all past liabilities, which is not a problem. How do we go about doing this?
Even if you understand the process, you need to hire an attorney. There is a lot of legal stuff involved in getting documents transfered. You also need to do your due dilligence (or the attorney will on your behalf). You will likely also need to hire an accountant to go through all the records to make sure that what the current owners told you is reflected in their books.
ChristineL | Former Moderator |
9/24/2009 - 10:49 am
Hi monika70,
Have you taken a look at our guide and blog about different legal structures? They are great resources to take advantage of.
We already have discussion around buying an established business that may be useful for you to check out. SBA has some good tips as well.
Does anyone have experience buying a business? Please feel free to add!
If you don't understand the process of assuming a C corporation it would be in the best interest of both parties to have an attorney handle the sale; you'll want to draft a sale agreement as well. This way both parties can be safe from liabilities and make sure all the bases are covered.
hostingdiva | Creator | 9/24/2009 - 11:58 am
ChristineL | Former Moderator | 9/24/2009 - 10:49 am
Fireplace-Guy | Creator | 9/24/2009 - 10:07 am
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