Q: I am purchasing a small business in South Carolina, if I feel confident I do the paperwork right, do we need a lawyer?
A: That's completely your decision, because companies can act through their officers except with respect to appearing in court. It is recommended that one at least consult a business attorney to make sure you have not overlooked any material issues or misconstrued the "standard" clauses in a sale/purchase agreement, as well as to consider legal implications of buying assets v. a going concern business, such as rights to intellectual property, good will and cooperation/non-competition by the sellers, among other matters.
A: While I am not a South Carolina Lawyer, I generally recommend at the very least speaking with a business attorney for an initial consultation. Depending on the type of business and type of sale there may be certain reporting requirements or disclosure that need to be made. The two major benefits are protecting you against any unintended liability and getting the best deal possible. When you negotiate on your own behalf it is hard to know when to give and when to take. An attorney who negotiates on your behalf can test the water with the opposing counsel or buyer, then make strategic decisions in getting you the best deal possible.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.