What Should Be Included in a Business Purchase Contract? May 22, 2020 | Business Litigation
The Law Office of Robert Eckard is on task helping you handle your business situation. As a Tampa business law firm, we are experienced in handling the details of business contracts. If you are in the middle of a business purchase decision, there are some important things to remember. If you do these things, your contract will be bulletproof.
Have Both Parties Read the Contract
It can be easy just to gloss over legal jargon. Do not do this. Legal jargon can turn into a legal nightmare if you do not know what is in your contract. Make sure that everyone involved has read the contract so they know what the purchase involves. This will save you from a lot of headaches in the future.
Keep it Simple
While still abiding with the law, the business contract should be simple. It should have clear specifications laid out in a way that makes sense. Listing hundreds of pages of information is too exhaustive, and unlikely to be clear if the purchase is ever disputed.
Have Proper Witnesses
Make sure that you have the required number of witnesses per state law. Business attorneys in Tampa FL know how to set this up properly. When you get your contract notarized, ask for a copy of the contract immediately. Keep it with you. Keep the contact information for the witnesses updated in your cellphone’s address files.
Think Carefully About the Purchase
It is good to think twice before purchasing a business. Particularly if you are going deeply into debt to do so. Debt interest payments can sink into your profits, eroding them drastically. Make sure that the business you are purchasing adds to the bottom line.
As business attorneys in Tampa FL, the Law Office of Robert Eckard is here to serve you. We want you to come to us with your business problems. A quality Tampa business law firm is just what you need. Call us at 727-497-7810.