Legal Question in Business Law in Illinois
purchasing an out of state business
My Illinois corporation is going to purchase the inventory, masters of their film and video programs, packaging, client list, and various documents from a Kansas corporation. They will be dissolving the corporation after I buy the assets. should a contract be written under the state of Illinois laws and what form should i use
2 Answers from Attorneys
Re: purchasing an out of state business
I would suggest that Illinois law apply but that is less important in most cases than getting Illinois jurisdiction to apply. If there are hidden problems, you would like to bring an action in Illinois for your convenience, rather than go to Kansas. Just because the parties agree that Illinois law applies does not mean that Illinois courts will have jurisdiction over the Kansas corporation.
As to the form, I think anyone buying assets of a business should have an attorney prepare the contract. This is not a do it yourself project. If you need to ask about governing law, how can you possibly be knowledgeable enough to deal with all the legal nuances of a contract?
Re: purchasing an out of state business
You can choose the law and jurisdcition by agreement. Under no circumstances should you pursue a purchase without an attorney or use a form. Good luck.
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