Legal Question in Business Law in District of Columbia

Buying into a corporation

hi, I have been offered to buy 25% of a restaurant. It is doing business under a Corporation and using a tade name. It is located in D.C.. The other owner and I will be partners 75/25. I will manage all day to day activies of the business and the the other person will be like a silent partner. What forms do we need to have completed to make this legal and final, and to protect both of our interest.


Asked on 10/17/07, 7:16 pm

2 Answers from Attorneys
Robert Strupp Robert J. Strupp,Attorney at Law, PLC

Re: Buying into a corporation

There are way too many issues to just fill out forms.

Is there a lease? How long is the term?

Is there a liquor license? Before agreeing to buy, consider seeing an attorney.

Best of luck.

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Answered on 10/18/07, 7:17 am
Paula McGill Attorney at Law

Re: Buying into a corporation

It's not just a matter of forms. You should sit down with an attorney who is used to dealing with small restaurants. You should hire your own attorney to adequately look out for your interests. Because you are coming in on an established business, there are certain provisions that should be in any document, including an indemnification provision.

Talk with other restaurant owners to see what attorneys they use. If they are happy with their current attorneys, you may want to consider one of them for this current business venture.

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Answered on 10/17/07, 8:09 pm


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