If you are starting up a business and have legal questions, you may want to speak to a lawyer. In the meantime, you can look at these tips for new business owners. Our law office will remain fully operational throughout the COVID-19 crisis, and we are readily available to answer your call. Contact our office today.
Tips for New Business Owners | Buy-Sell Agreements
Clients often ask about whether or not they should have a buy-sell agreement. A buy-sell agreement is important in the event that a shareholder needs to sell their shares due to death, disability, retirement, or voluntarily decides to sell their shares. The funding of the buy-sell agreement very often can be done through life insurance or disability insurance.
New Business Owner Tips | Business Asset Purchase Agreements
As a Rochester Business lawyer, clients often ask me about asset purchase agreements when they are buying or selling a business. This agreement should be drafted by your attorney to include all the necessary elements of the sale including what is included with the sale such as inventory, equipment, intellectual property, and various other things as well as representations. Also, if you are financing the purchase, all the details of the financing should be spelled out in the agreement.
Clients often ask me about whether or not they should have a shareholder agreement. We have seen many shareholder disputes, even amongst family members. It is very important to have a shareholder agreement to spell out what will ultimately happen to the corporation if there is a voluntary sell, death, disability, or retirement.
These new business owner tips were brought to you by the Rochester law office of Friedman & Ranzenhofer. If you have any questions at all, please contact our office today to schedule a legal consultation.