Legal Question in Business Law in Illinois
I want to buy an existing cell phone retail business with all equipment and inventory from a lady and then partner up with her husband 50/50 and run this store.
What paperwork do we need to make it happen? How to structure everything correctly so I can be legally protected?
1 Answer from Attorneys
Buying any business can be complicated, and having a partnership on top of it complicates things further.
At a minimum, you should expect to have an Asset Purchase Agreement with the seller and a Partnership Agreement with her husband (or more likely an LLC Operating Agreement, since operating a business as a partnership is rarely a good idea).
The Asset Purchase Agreement would spell out the terms of the purchase, including what assets you are buying, what the price and payment terms are, what representations the seller is making to you regarding the business and the condition of the assets, etc...
The Partnership Agreement or LLC Operating Agreement would spell out the rights and responsibilities of the partners or LLC members.
Related Questions & Answers
-
Do you have to pay overtime in Illinois after fourty hours a week or can it be after... Asked 12/05/15, 4:55 am in United States Illinois Business Law
-
Can the employer stop payroll due to me not giving notice before resigning, while... Asked 11/25/15, 9:15 am in United States Illinois Business Law
-
I recently left a small business in which I was a share holder. What type of lawyer... Asked 11/17/15, 12:27 pm in United States Illinois Business Law
-
Can a commercial creditor seek judgment on personal property if the contract was... Asked 10/27/15, 1:14 pm in United States Illinois Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
