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Business Law

Buying or Selling a Business

When buying and selling all of its assets is a major event in one’s business and personal life. Important factors in buying a business are negotiation, due diligence inquiries into the business and financial affairs so that a buyer is not blindsided by unknown or unforeseen problems that can cause a unforeseen problems. Important factors in selling a business are to make sure that the seller is receiving top dollar, negotiations for contingencies, and putting closure to the sale. Both sides require tax advice in order to minimize taxes that arise from the transaction as well as from the operation of the business. Often there need to be agreements drafted such as shareholder and operative agreements, covenants not to compete, confidentiality, and promissory notes. Having an experienced and educated attorneys in these types of transactions avoids litigation in the future due to poor representation.

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Litigation

We can handle all types of general and commercial litigation matters. This includes a wide variety of cases ranging from contract disputes to fraud. Many times people and companies are sued and need an attorney that will defended them. Other times, people and companies have the need to sue. They also require a knowledgeable and experienced attorney to pursue their interests. Unfortunately litigation may be the only recourse if settlement attempts fail.

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Contracts

Whenever businesses and individuals have an agreement it should be documented. That document is a contract. A well drafted contract will spell out each party’s duties and responsibility and terms of payment. Many contracts will need specific deadlines and particular specifications. Other times there need to be dispute resolution and contract termination provisions to avoid future litigation. Are you protected?

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Business Formation

Prior to conducting business the parties should understand all of the liability exposures and tax ramifications of the entity. There are sole proprietorships, corporations, s-corporations, and limited liabilities companies. Certain entity formations could expose the individual to double taxation, or become what is called a “Disregarded entity.” Sometimes existing entities require updates and changes to comply with legal or tax changes.

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Exit Planning

Retirement planning often consist of selling a business. Exit planning is often a process of transitioning the business so that the owner can “cash out” and retire in the best possible way. For more information fill out the contact form below.

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Mark S. Cherry Law is a general practice law firm who specializes in wills, estates, personal injury, foreclosure prevention, business law, and real estate law. Contact us today!

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