Legal-Ease: What should I be ready for in selling or buying a business?

The process of buying and selling a business usually breaks down into five steps and considerations. 

First, the seller and buyer of the business need to reach an agreement. Second, both the seller and the buyer secure third-party professionals to assist them. Third, a purchase agreement is prepared. Fourth, the seller and the buyer of the business need to ensure that the details of the agreement are accurate. Finally, there’s a closing. 

Legal-Ease: Structuring a small-business purchase

Typically, there are two ways small businesses are bought and sold. A “sale of entity” is when the whole business is sold together, while a “sale of the assets” is when the owner sells all the components of the business without including the overall entity or its liabilities.