Lexington, NC asked in Business Formation for South Carolina

Q: I am purchasing a small business in South Carolina, if I feel confident I do the paperwork right, do we need a lawyer?

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2 Lawyer Answers
Glenn B. Manishin
Glenn B. Manishin
Answered

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.

Matthew W. Odgers
Matthew W. Odgers
Answered

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.

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