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"People Don't Plan To Fail in Business ... They Just Fail to Plan"® |
Important Guidelines When Buying a Small Business
When dealing with the seller, there will be a lot of information to collect. Ask to look at the accounts receivable, profit and loss statements, the seller's tax returns, vendors purchase histories, an employee handbook where applicable, and examine all existing equipment and assets. Full disclosure in a sale is a good indication of how a business is run. A seller who has nothing to hide will most likely tell you all want to know. Scrutinize how the business was run, from advertising, promotion, and average income; then decide where you can make improvements.
Buying a business means that you get to choose a name for your business. Take the time to trademark your name and do the research to make sure no one else has already used that name either in your state or nationally. Then you need to choose a structure and organization that is good for you, whether it be sole proprietorship, partnership, corporation, or LLC. Fully investigate each type of business before you purchase a business to see which type of structure best suits your needs and which will have the least amount of tax implications for you. Remember you are in going in to business to make money and to protect your personal assets.
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