For businesses interested in buying or selling assets, an experienced law firm is essential. Block & Scarpa’s extensive experience with business transactions and small business entities in Florida enable our firm to maximize our impact on the value and security of each agreement. Consider the following when enlisting a lawyer for asset purchase and sale in Florida.
Asset Purchase Agreement
Asset Purchase Agreements are one of the more common approaches to transferring ownership of a business. In this agreement, the business owners will sell either a portion or all assets. This type of sale benefits buyers because of a favorable tax depreciation and being able to select the assets purchased without risking the acquisition of unknown liabilities. Buyers also are able to gain complete control over a seller’s assets if desired. Sellers may shy away from asset purchase agreements in Florida for the exact same reason.
Approval of a Sale in Florida
If the seller is an LLC or partnership, nearly all cases require the company to have consent of partners or members to complete the sale. If a corporation desires to sell the entirety or a substantial number of its assets, the board of a directors of the corporation must adopt a resolution and recommend the sale, then submit it to a shareholder vote.
Common Issues in an Asset Sale
Asset sales often are far more complicated than sellers may expect. Be prepared for additional issues with:
● Transferring Florida assets such as franchises, real estate and other titles.
● Acquiring the proper licenses to maintain the ability to operate new assets.
● Obstacles caused by handling “due on sale clauses” or “right of first refusals.”
● Acquiring all necessary consents.
● Negotiating the purchase price.
Legal Advice for Small Businesses in Vero Beach, Florida
The goal of an asset purchase agreement, as with any agreement, should be to avoid future litigation due to problems in the transaction. Block & Scarpa provides the utmost security and guidance for small businesses in Vero Beach and the Treasure Coast. We will help you with:
● Appraisal of assets
● Negotiation and preparation of Florida buy-sell agreements
● Funding of buy-sell agreements
● Management of business entities
● Maintenance of ownership continuity
Learn About Asset Purchase and Sales in the Treasure Coast
If you are preparing for Treasure Coast asset transactions, Block & Scarpa is prepared to protect your business’ interests immediately. Reach our office at 772-794-1918 or contact us today.