Our office, has an attorney that can review your documents, prior to the purchase of a Business. We also can help you obtain the necessary Business Permits, and Advise you on the most favorable way to do Business.
Our office attorney can obtain the necessary permits that you will need to start you new business. These permits and Documents include, but are not limited to :
- Obtaining your Federal Tax Identification Number
- Obtaining your Board of Equalization Number, for State Sales Taxes
- Obtain your Employment Development Number (EDD)
- Filing and Publishing your Fictitious Business Name Statement
- Accounting Services
- Assist you in obtaining the necessary Insurance
In today Society it is dangerous to do Business as a Individual or Partnership, because if a Liability is not covered by Insurances (i.e. sexual harassment, wrongful termination) or your Business fails then:
- Your creditors can come after you and your personal assets (House, Car, Bank Accounts, and other personal Asset). Moreover, after, you are sued personally, under the current Bankruptcy Law, you may have difficulty being discharged;
- If a Claim is not covered under the Insurance Policy, or a Covered Claim exceeds the Policy Limits, they you may be held personally liable, and your personal asset are exposed.
A Limited Liability Company (LLC), or a Corporation, Can protect your personal assets, if a Claim is not covered under the Insurance Policy, or a Covered Claim exceeds the Policy Limits.
Buy Sell Agreement
The terms to a Buy Sell Agreement are usually arrived at while Partners and co-Owners are still friends, and on talking terms. This is when the Parties do not have hatred, or animosity toward one another. This is when Partners, and Co-Owners can think of reasonable terms to put into a Buy Sell Agreement, and think logically and fairly. The Partners and co-Owners discuss the following terms to a Buy Sell Agreement:
- If the Partners and Co-Owners do not get along, what should be the Buy Out Price, and on what terms and conditions will the Buy Out Price be Paid (agreed Value at 36 month at 8% interest);
- If a Partner dies, what should the Buy Out Price be, and how should the Buy Out be funded?;
- If a Partner or Co-Owner sustains a long term disability twelve (12) month or more, what should the Disability Buy Out Price be? How should the Buy Out be funded?