Legal Question in Business Law in Minnesota

Re: owning a barber shop

Certainly not necessary, but highly advisable to have an attorney prepare, or at least review, a written agreement for the purchase. A written agreement is advisable in an effort to avoid possible disputes later on. Doesn't need to be complicated or expensive but should address issues such as noncompete by the seller, ownership of the equipment, responsibility for bills incurred prior to the sale, insurance, licensing, etc.

You may want to look at the form in which you do the business, i.e, sole proprietor, LLC, corporation, etc.

You should also consult an account to discuss the most tax-advantageous way to structure the business.

Standard disclaimer: The comments above are based on limited facts and should not be considered legal advice. We do not have an attorney-client relationship. That said, good luck to you and let me know if I can be of further assistance.

Re: owning a barber shop

Absolutely. I can regale you with horror stories of business purchasers who came to me AFTER buying a business without running it by an attorney.

Unless you have owned a business like this before, and the seller is a blood relative, you would do well to have experienced business counsel.

I would be happy to meet at no charge to evaluate transaction and lay out services needed (and not needed).

I am in Eden Prairie.

Re: owning a barber shop

I think most lawyers will agree that it is not NECESSARY but is a VERY good idea. An ounce of prevention is worth a pound of cure.