Legal Considerations: Introduction & the Buy Sell Agreement
We spoke to Michael Velletta, a lawyer with the Victoria, B.C.-based law firm, Gordon & Velletta, to find out what role a lawyer should play in the purchase of a business.
While you don't necessarily need a lawyer in the beginning stages of looking for a business, Velletta advises getting a lawyer early in the transaction. "You really want your lawyer involved before you sign any real estate documents or contracts. Once the contract is signed it is a binding deal."
The Buy Sell AgreementWorking with your lawyer, you have now reached the stage where the parties draft and agree upon a buy-sell contract. It's important to note that most contracts include a clause stating that the agreement is the whole agreement, so it is vital that all issues are addressed in the scope of these documents.
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