Legal Question in Business Law in Virginia
Advice on purchasing an established business
I am looking to buy a small womens fitness center. It is a part of a franchise. I want to know what are all of the things I should look into before deciding to buy this business? Also should I or can I set up a LLC or S-corp that this franchise business can be under for additional legal protection? Please advise. This is the 1st time that I am looking at purchasing a business.
3 Answers from Attorneys
Re: Advice on purchasing an established business
Those are good questions but too broad to fully answer here. Check out my website at dietzlawfirm.com and www.dietzlawfirm.com/franchises.htm for information on the issues you face and contact me if you have more questions. Good luck with your analysis.
Re: Advice on purchasing an established business
Whether it is an established business or an initial start-up, you should be fully aware of the legal and business implications associated with buying a franchise. I can only speculate which womens fitness franchise you are referencing, but a full review of the franchise system, the proposed franchise agreement and any other lease or service agreements should be reviewed and analyzed before moving forward with the purchase of any existing franchised business. You should discuss these issues with an experienced franchise attorney. Please feel free to contact me if you'd like to discuss these issues further.
Re: Advice on purchasing an established business
In light of the fact that an answer to your question requires a detailed review of the business as well as your goals and motivations I believe that you should meet with an attorney for guidance/assistance. I would be glad to speak with you at the contact information below if you like.
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