Legal Question in Business Law in Tennessee

Any attorney will say it depends on the type of business being purchased. You definitely want to do some comprehensive due diligence before you buy. Most often this involves checking current clients, business operations, records, etc. Don't rely on an attorney to do this critical aspect - you should look into these matters yourself. Then, based on this process, you will want whatever attorney you use to incorporate your findings or concerns into the contract of sale - assuming it's a "go" after your due diligence. Consult with a good business attorney for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

Assuming that the business is in the same state (Tennessee, based upon the zip code you listed when you posted your question), it may make more sense to work with an attorney where the new business is located. You can establish a relationship with an experienced business attorney in that area, who you then can rely on for assistance even after the purchase is final.

(And if the business you're considering is in another state, you definitely should hire an attorney in the state where the business is located.)

Regardless of location, you should hire an attorney experienced in the transfer of business ownership. You'll want a purchase agreement to address many important issues, including the approval of all due diligence matters that are referenced in the answer posted prior to mine. The exact details covered in a purchase agreement depend upon the nature of the business in question, but regardless this is an important aspect of the transaction - you should retain an experienced attorney as soon as possible, to make sure that your interests are being fully represented.

Best of luck with you new business!