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What should you prepare for when buying a business?

Acquiring a business sounds like a simple, albeit big, transaction. One company or party buys the company, leaving its assets and processes in place, so that the acquiring party can expand their company's reach and profits. But there is far more to the acquisition of a company than an exchange of finances and ownership.

When purchasing a company, the buyer needs to fully consider many factors. The organizational and logistical processes are crucial, such as the organization chart, the bylaws, the states where the company operates and other similar procedural aspects.

Then there are the actual assets of the company. These can be a wide range of assets, such as physical assets like equipment and major capital; real estate, such as business locations, leases, deeds and titles; intellectual property, such as copyrights, trademarks and patents, and trade secrets; and any actual products that the company may sell.

Then you have the more intangible issues related to a business, such as environmental issues, licenses and permits the company has, packets of information regarding customers and clients, and the contracts and insurance that cover these business operations and partnerships.

Don't forget about the employees at the company or their benefits; nor should you forget about the tax implications of acquiring a new company or any pending litigation the acquired company is currently engaged in.

Ultimately, there are so many factors that compose a business acquisition deal that both the purchasing company and the company being purchased should be well aware of their legal standing entering the deal.

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