The purchase or sale of businesses in Waco, TX, can be highly complex and can involve many issues. The complexity of the sale or purchase of a business will depend on its legal status and the buyer and seller’s conditions. These complexities are on top of the issues and agreements regarding how the sale or purchase is structured.
The parties to a sale or purchase agreement might have special considerations, including covenants not to compete, intangible property rights, employment contracts, retirement plans, and indemnification provisions that are needed to name a few. Waco business contract lawyer Thomas P. Finley, Jr. drafts agreements for the sale and purchase of businesses. The client will provide the information based on terms previously agreed upon by the seller and buyer. Contact us for a consultation on buying or selling a business in Waco, Texas.
In buying or selling the corporation’s assets, the shareholders may agree to sell some or all of the business’ assets and not their stock. Suppose all the assets were sold to a buyer, and the transaction is not in the usual and regular course of business. In that case, the sale will need the board of directors’ approval and at least two-thirds of the shareholders’ vote, unless provided otherwise in the certificate of formation, under Tex. Bus. Orgs. Code 21.457.
Minority shareholders may have the right to dissent to the sale and force the selling corporation to value their shares and buy them at the established amount, according to Tex. Bus. Orgs. Code 10.354. A sale of a corporation’s assets subjects the purchaser to the corporation’s liabilities only if he or she specifically assumes the liabilities or as provided by statute Tex. Bus. Orgs. Code 10.254(b).
A partnership’s sale or purchase may be accomplished by either one or multiple partners selling the partnership itself or their individual partnership interest as an entity, selling the partnership assets. The seller and buyer of a partnership should agree on what specific liabilities the buyer will assume as a part of the sale and purchase of the partnership. It is always crucial to review the partnership agreement and its purchase and sale agreement terms.
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. Contact Thomas P. Finley for a consultation.
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