Whether you’re getting ready to buy a business or considering selling one you’ve built from the ground up, there’s a lot on the line. From finances to future plans, it’s not just a legal transaction—it’s a personal one, too. At Yaqubie Law, we help business owners and entrepreneurs throughout New York protect their interests at every stage. Our job is to make sure nothing gets overlooked and you feel confident about your next move.
Getting Started: What to Know Before You Commit
Before any agreements are signed, it’s essential to understand exactly what’s on the table. A thorough review of the business’s operations, financial records, and legal obligations can reveal potential red flags or provide peace of mind.
If you’re buying, we’ll help you evaluate:
- Profit and loss statements
- Contracts with customers, vendors, and employees
- Leases, licenses, and intellectual property rights
- Pending litigation or unpaid debts
If you’re selling your business, we’ll help you prepare documents that buyers will expect and answer questions about your business’s structure and obligations. We often start with a letter of intent (LOI) and a confidentiality agreement to set expectations and protect sensitive information before negotiations begin.
Structuring the Deal: Asset Purchase vs. Stock Purchase
Most small business deals fall into one of two categories: an asset purchase or a stock (or membership interest) purchase. Each comes with its own benefits and risks.
In an asset purchase, the buyer selects which parts of the business to take on, such as equipment, inventory, customer lists, and goodwill, without assuming all liabilities. In contrast, a stock purchase involves buying ownership in the company itself, including its debts and obligations.
We’ll help you weigh factors like:
- Tax implications
- Liability exposure
- Transition concerns for employees or vendors
We also coordinate with accountants and other professionals when needed, so your structure supports both short- and long-term goals.
Drafting and Reviewing the Purchase Agreement
The purchase agreement is the backbone of your deal. It outlines everything from the purchase price to how and when the transfer happens, and it often includes provisions for what happens if something goes wrong.
Whether you’re the buyer or seller, we’ll ensure the agreement addresses:
- Payment structure and closing conditions
- Representations and warranties from both sides
- Contingencies for financing, due diligence, or regulatory approvals
- Indemnification clauses and non-compete terms
We carefully review each section, pointing out risks and pushing back when terms are unfair or unclear. If issues arise, we’ll negotiate directly with the other party’s counsel to find a workable solution.
Closing the Deal and What Happens Next
Once the agreement is finalized, we guide clients through the final steps to closing. This might include signing additional documents, securing third-party approvals, or setting up new legal entities.
We also help with:
- Ownership transfers
- Business license updates
- Post-closing training or consulting agreements
- Notices to employees, vendors, or regulatory agencies
Even after closing, we’re available to help resolve any loose ends or handle disputes that may arise.
How Yaqubie Law Can Help
We’ve worked with business owners in a wide range of industries, from family-run shops to growing startups. Every deal is different, but our approach stays the same: clear advice, steady support, and a focus on getting things done the right way. Whether you’re buying or selling, we’ll guide you through the legal process so you can focus on what comes next.
Contact an Experienced Garden City Business Transaction Attorney
At Yaqubie Law, we help entrepreneurs and business owners in Garden City and across New York with clear, practical guidance during business transactions. Whether you’re preparing to buy or sell, we’ll help protect your investment, limit your risk, and set you up for a smoother transition. Contact Yaqubie Law today to schedule a consultation and learn how we can support your goals.