PURCHASE OR SALE OF A BUSINESS ATTORNEY

Looking to buy or sell a business in Texas? The process purchase or sale of a business involves careful legal planning, whether it’s a straightforward asset purchase, an entity sale, or includes valuable commercial real estate or lease agreements. At Thomas P. Finley, Jr., Attorney at Law, businesses gain proven legal support for every stage of their transaction—from contract drafting to closing.

Businesses for purchase or sale in Dallas, Texas. — Business in Dallas, Texas

The parties to a purchase and sales agreement also known as a PSA might have special considerations, including covenants not to compete, intangible property rights, employment contracts, Seller financing, and indemnification provisions that are needed to name a few. Dallas and Waco business contract lawyer Thomas P. Finley, Jr. is experienced in drafting purchase and sale agreements for a business and its related real estate issues. The process sometimes begins with a Letter of Intent also known as a LOI and sometimes the client will simply provide the information based on terms previously agreed upon by the seller and buyer.

Contact Waco and Dallas Business Lawyer Thomas P. Finley, Jr. to discuss your needs for buying and selling or purchase and sale of a business.

Comprehensive legal services for business deals

The process of purchase and sale of a business has many steps to consider and Thomas P. Finley, Jr. has experience that can assist you through the process including but not limited to the following:

Drafting and reviewing purchase and sale agreements
Tailoring contracts for asset purchases or entity sales
Handling deeds, bills of sale, UCC filings, assignments, and non-compete agreements.
Incorporating real estate components and commercial lease agreements.
Facilitating due diligence: ensuring ownership, reviewing financials, and verifying title or lease terms.
Coordinating closings at law offices or title companies, as appropriate for the transaction type.

Contact Waco and Dallas Business Lawyer Thomas P. Finley, Jr. to help guide you through the process of buying and selling or purchase and sale of a business.

TEXAS EXPERIENCE YOU CAN TRUST

Thomas P. Finley, Jr. has over three decades of experience guiding entrepreneurs, owners, and investors through Texas business law. With offices in Dallas and Waco, his practice offers:

Legal document preparation for business purchases and sales
Commercial contract negotiation and review
Guidance on entity formation and transfer
Litigation support for business disputes
Personalized service across Texas

WHY USE AN ATTORNEY FOR YOUR BUSINESS TRANSACTION?

Acquiring or selling a business is a pivotal event. Texas law requires meticulous documentation to protect all parties’ interests, address liabilities, and comply with regulatory requirements. An attorney ensures agreements are enforceable, customized, and comprehensive covering every asset, lease, and obligation.

Clarify buyer and seller identities, authority, and consent
Mitigate risks associated with undisclosed debts or liabilities
Structure deals for optimal tax (using a CPA) and business outcomes
Integrate real estate and lease terms directly into contracts
Support post-transaction needs, including regulatory filings, licensing, and litigation

Many times there will be an attorney retained by the party on the other side of the transaction. It is always best for both sides to be represented by an attorney in the purchase and sale of a business.

Letter of intent used in buying and selling a business

Sometimes the parties will use a Letter of Intent early in the process of buying and selling a business. One of the primary risks associated with an LOI is the potential for unintended legal consequences. If the language of the LOI is unclear or inconsistent, a court may interpret it as a binding agreement, even if that was not the parties’ intent. This can lead to disputes and potential liability. To mitigate these risks, it is essential to use precise language and clearly state whether the LOI is intended to be binding or nonbinding. Additionally, any binding provisions should be explicitly identified and carefully drafted to reflect the parties’ intentions.

A Letter of Intent can be a powerful tool in business transactions, but it must be approached with caution. In Texas, the enforceability of an LOI depends on its language, the inclusion of essential terms, and the intent of the parties. To avoid unintended legal consequences, it is crucial to seek legal guidance when drafting or reviewing an LOI. By doing so, you can ensure that your interests are protected and that the document accurately reflects your intentions.

CONTACT EXPERIENCED TEXAS BUSINESS COUNSEL

Contact Experienced Texas Business Counsel

Are you considering a business purchase, business sale, or need commercial real estate contract preparation? Contact Thomas P. Finley, Jr. today for reliable, thorough, and timely legal service. Serving clients throughout Dallas, Waco, Crawford, and the State of Texas.

Frequently Asked Questions When Buying or Selling a Business

Dallas and Waco business lawyer Thomas P. Finley, Jr. drafts agreements for the sale and purchase of a business using the information provided by the client based on terms previously agreed upon by both the seller and buyer.

A prospective business seller or buyer can also consider the following information, which summarizes some general questions, FAQs, and information to consider when drafting an agreement for the sale and purchase of a business:

What is the name, telephone number, and address of each person authorized by the seller to be contacted concerning terms of the sale, collection of information, negotiations, and final approval of the contract for the purchase or sale of the business?
What are the business name and address?
What type of business is being sold or purchased, and what kind of business is it engaged in doing?
How many employees does the business have, if any?
What is the federal employer’s identification number (FEIN)?
Does the business being sold have a Texas Workforce Commission (TWC) account number?
Are there permit and license numbers held by the business that is being sold, such as alcoholic beverage licenses and/or sales tax permits?

The buyer and purchaser’s agreement should include details on the purchase price, including the total purchase price and consideration being paid for the total purchase price, such as stock, exchange of property, cash, promissory notes, etc.

Is the agreement for the sale and purchase of stock in the business?
Is the purchase and sale of the assets in the business?
Is there an agreed proposed closing date for purchase and sale?
What is the seller’s legal status? For example, is the seller a corporation, individual seller, partnership, LP, or LLC?
What is the legal status of the purchaser? For example, is the purchaser a partnership, corporation, LP, individual purchaser, or LLC?
What is the financial status of the parties and businesses being sold? Have the seller and buyer discussed the financials of both parties?
What is the purpose of the business’ proposed purchase or sale? Is it distress or a business opportunity?
Does the business have any threatened or pending litigation or claims against it?
Is there a value, description, and tax basis for each asset? Have the parties retained a CPA?
Does the business being sold have a list of liabilities and a description and nature of each liability?