Despite the excitement often associated with buying a business, it can be a complicated and time-consuming endeavour, especially if you try to navigate it without seeking professional help.
Notoriously complex, the acquisition process doesn’t demand that you seek legal guidance and support from business lawyers in Edmonton, but their assistance can often prove invaluable in making things safer, swifter, and a whole lot less stressful.
Should you seek legal representation when buying a business in Alberta?
There are a great number of legal considerations to make when purchasing a business in Alberta (or anywhere for that matter), some of which include the negotiation of contracts and making sure all relevant regulations are complied with. Should you so wish, you can absolutely proceed without hiring legal representation, but it’s important to bear in mind that this may expose you to a number of risks and pitfalls that may be significant in nature.
Here are some of the most important reasons to hire a business lawyer to guide you through the business acquisition process:
Reviewing contracts
Notoriously complicated and often rammed full of legal terms that the average layperson would struggle to interpret, the legal documents involved with the purchase of a business are best explained to you by a professional, who can also help make sure that your rights are fully protected at all times.
Conducting due diligence
Ensuring that the business you plan to acquire is sound and not hiding any issues or potential liabilities is essential, and a business lawyer can play a crucial role in this. From investigating their financial records to checking for involvement in legal disputes, lawyers and due diligence go hand-in-hand.
Negotiating
Working to protect your best interests at all times, a business lawyer can help deal with other parties during negotiations, using their extensive knowledge and experience.
Complying with laws and regulations
When a business acquisition is carried out, all relevant laws and regulations, whether local, state, or federal, must be complied with; failure to do so can often result in hefty penalties. With a lawyer to guide you, you’re guaranteed compliance with any rules and regulations that might apply, such as employment, tax, and environmental laws.
Managing risks
Failure to identify potential legal risks when purchasing a business and devise a strategy to manage or mitigate them can lead to costly legal problems further down the line, something that can be completely avoided when consulting with a local business lawyer.
Purchase structuring
The way in which a business is structured can result in certain tax and legal implications, and without professional guidance as to which type of structure to choose, you could sell yourself and your business short.
Deal closing
There is a lot of paperwork and myriad formalities involved when closing a deal, any one of which can hinder the process and slow it down if you don’t really know what you’re doing. A business lawyer absolutely knows what they’re doing and can make closing the deal go through effortlessly.
Having a professional corporate lawyer in Edmonton on hand to guide you through the often complex world of business acquisition can help you seal the deal quicker, protect your interests, and generally make the entire process from beginning to end a lot less stressful. So if you plan to buy a business in Alberta, why not give yourself the peace of mind you deserve and hire an expert corporate lawyer to assist you?
