Purchase of an existing business is often a complicated legal matter. Depending on the nature of the industry, there are often regulatory requirements, contractual and employment matters that must be addressed before the sale is complete, or even proposed. The central question in the purchase of a business is often what is to be purchased and what is not.
Laughlin & Company Lawyers Mediators has been a trusted adviser to Port Coquitlam business owners for more than a decade. As seasoned practitioners in the area of business law, we can ensure the necessary steps are taken for buying a business, including all aspects of legal due diligence.
Investigating The Details Of Business Purchase
Before the purchase of a business is finalized, many issues must be addressed. Purchase of a business can mean the purchase of its assets or its shares, among other scenarios. In some cases, the existing lease and supply contracts of the business, and obligations to employees become the responsibility of the new owner. Part of the due diligence performed by our lawyers in determining whether the seller actually owns — or has the right to sell — what is at stake in the agreement. We also investigate whether there are any liabilities of which the potential buyer must be aware of that may affect the successful transition from seller to the buyer.
Certain types of businesses, such as professional corporations, are subject to regulatory requirements. Professional practices may in some cases only be sold to another member of the governing body of the industry in question. For example, in order to buy a dental practice, the purchasing dentist must be in good standing with the College of Dental Surgeons of British Columbia. For these reasons, it is in a buyer’s best interest to speak with legal counsel at our firm before making an offer to buy, so he or she is aware of any unforeseen risks of the transaction.
To receive more information about buying a business in the Tri-Cities, contact our firm for a consultation. Call us at 604-239-0800 or get in touch online. Our Port Coquitlam lawyers in your area review purchase agreements and draft legal contracts to help facilitate an easy transition of business ownership.