A Business Law Attorney in the Culver City, CA area
In California, the purchase or sale of a business is mired in legal complexity. There are prices to negotiate, asset valuations to conduct and tax obligations to consider. It is important to settle issues concerning patents, licenses, domain names and outstanding debt before a transaction is complete. Finding a lawyer who is experienced in such matters is essential to ensuring that proceedings go as smoothly as they can.
For nearly four decades, Jerome B. Smith has helped facilitate purchase and sale agreements for individuals and businesses in Westchester, Culver City, Marina del Rey and throughout Los Angeles. Mr. Smith collaborates with his clients, acting as a source of knowledgeable reference throughout the process. He strives to make sure his clients’ business goals are met.
If I Buy Or Sell A Business, What Will I Owe In Taxes?
A purchase agreement must be specific. It must delineate in precise terms whether an individual is simply buying assets, or whether the purchaser will assume liabilities — such as monetary debts and services owed — as well. The vaguer the initial agreement, the more likely it is that costly litigation will be necessary at a later time. Likewise, buyers must consider whether they will hold their new business as an LLC, an S-Corp, a C-Corp, a nonprofit, or something else entirely. Without proper guidance, buyers leave themselves vulnerable to unnecessary taxes and fees.
Similarly, selling a business can quickly become quite complicated. You might sell your company as a complete entity, including stocks or membership interests. You might sell your physical and intellectual properties piece by piece. The type of sale you choose has considerable legal ramifications, and will affect your future liability to the purchaser. It is just as imperative to make sure your assets are properly valued, that your business’s financial history is accurately documented and that any future agreements concerning competition and confidentiality are addressed.
Mr. Smith has helped facilitate business purchase and sale deals for nearly 40 years. He has been integral in the formation of numerous companies, and offers guidance in choosing the appropriate business entity for his clients. Mr. Smith has also negotiated many mergers and acquisitions contracts, and provides attentive counsel in matters stemming from the sale and retention of assets.