The most important thing is that you look at the tax history of that business. You must see what that business has been filing with the IRS, and that will give you a good indication of the business’s profits and liabilities.
The next most important thing is that you have a strong business purchase and sale agreement. This will prevent the purchaser from being taken advantage of by the business seller.
The third most important thing is that you check to make sure there are no liens or lawsuits against that business. Nobody wants to buy a business and then find themselves in the middle of a lawsuit six months down the road.
The fourth most important thing is that you consult a business attorney prior to purchasing that business.
Lawyers at the law firm of Mattleman, Weinroth & Miller, P.C., are experienced business attorneys working throughout the state of New Jersey. Contact the office if you have legal questions about your business and set up a free initial consultation.