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买卖业务的艺术

无论您是在买卖企业,很少有人会不同意这一过程是您一生中最重要,最令人振奋和激动人心的经历之一。对于买方而言,经常获得对某项业务的兴趣是“once in lifetime” opportunity to become your own boss and to reap potentially unlimited rewards directly related to your own effort and ability. For the 卖方, building a successful company and then selling it for a hefty price is the culmination of many years of toil and struggle and presents the opportunity to pass along your legacy and live comfortably thereafter.

这些交易通常是“情绪过山车”如果要成功,公正,无争议地完成,则对双方都提出了挑战。这些挑战通常需要具有专业知识和经验的专业人员来确定潜在的陷阱和争议领域,并使各方在这些领域达成协议。

资产出售与股票出售

了解资产购买和股票购买之间的区别对于确定要出售的业务部分很重要。

双方的首要考虑之一是确定交易是否将成为“stock sale” or an “asset sale.” In a “stock sale”,则企业所有者出售其在业务实体中的所有权权益,以股份,有限责任公司会员单位或合伙权益的形式表示。在本文中,我们将所有这些类型的权益的出售统称为“stock sale.” Thus, the “seller”是股票的所有者。一种“stock sale”独资经营是不可能的,因为除了拥有人个人(直接拥有企业资产)以外,没有其他实体。

An “asset sale” occurs when the owner of the business retains his or her ownership interest in the company entity and the company itself sells only selected assets and liabilities of the company. Except for sole proprietorships, the 卖方 is not the business owner but is the company itself. The owners of the selling company, which has disposed of at least a portion of its assets and liabilities, remain the same after the transaction.

In a 股票买卖, the business assets remain in the original entity or company. All assets, liabilities and ownership equity of the company follow the ownership of stock or units of the company. The book or tax values of individual assets, both tangible and intangible, will be driven by values carried on the company’s financial statements prior to the sale and may generally be adjusted only upon adequate empirical support or expert opinion. In a 股票买卖, the purchase price establishes the buyer’的税基是利息或对公司的出资额。

A 股票买卖 makes it simpler to describe the property which is the subject of the purchase in the purchase agreement. Instead of an extensive list of various assets or liabilities, the property being sold is “公司普通股的X股数量”, 例如。实际进行传输也更简单,通常只涉及在证书背面签名传输语言。

Unless the owner of the transferred shares is going to be another entity as opposed to an individual or individuals, the 股票买卖 eliminates the need to create an additional business entity to actually own the business assets and operate the business. The ownership of the stock by another entity instead of an individual will likely impact the ultimate tax treatment of the transaction and subsequent business operations to the individual owner. In fact, ownership by another entity may not be allowed for certain types of tax entities such as Sub-chapter S corporations.

股票购买包括所收购业务的负债

购买股票可能会带来很大的风险,需要大量关注和尽职调查。

A 股票买卖 is generally considered much riskier to the buyer than an “asset sale” and is therefore much less common than an 资产出售。 At least indirectly by ownership of the stock, the buyer is assuming all obligations and risks arising from the company’的先前操作。这可能包括来自各个领域的断言和未知的索赔,包括产品责任,过失,环境条件,违反法律和法规,劳工或就业责任,违反合同等等。甚至先前所有者对买方的赔偿也可能不足以保护买方’s investment.

由于存在这种风险,买方应进行广泛的尽职调查,以确保不会出现未知情况或无法预期的负债,并确保购买价格与所购买利息的价值相对应。尽职调查应包括房地产记录搜索,UCC搜索和其他必要的调查,以确保所有抵押和留置权权益以及其他索偿均已知。股票买卖的购买协议还应要求相关税务部门的税务清理,并且买方应确保在交割前应缴纳的所有税款已付清或已为之支付了足够的准备金。

股票销售尽职调查应包括仔细检查重要资产负债表帐户和核实重大金额,尤其是在公司 ’s financial statements are not audited. Accounts receivable should be analyzed for collectability, accounts payable to verify accruals or balances and inventory should be checked for accuracy. Balances and payment terms of long-term liabilities should be verified. An agreement for the purchase of stock usually also includes indemnification of the buyer by the 卖方 as to any unknown obligations or liabilities not specifically listed or accounted for.

股票购买协议还应特别划定与卖方当前雇员有关的协议或计划。买方可以选择要求卖方终止其所有部分雇员的雇用,或与特定雇员重新谈判,以确保在结业后劳动力达到期望。该协议应规定卖方在关闭前与雇员有关的任何要求的行动,并应规定卖方应对在关闭之前发生的与雇佣有关的纠纷承担责任,而买方则应承担随后的责任。很多时候,购买协议可能会特别要求前所有者保留一段时间作为雇员,以培训和协助新所有者过渡。应详细协商此雇用条款

股票,合伙权益或有限责任公司会员单位的股份为证券,出售这些股份可能必须遵守证券法。通常将小企业权益出售给个人或紧密控股的实体时,由于存在例外情况,因此无需注册或强制披露。股票购买协议应包含买方的陈述,陈述其购买证券的意图并验证这些例外的适用性。

A 股票买卖 may require notice to or permission from other owners of the company, lenders, landlords or other third parties. The sale could in fact be an outright violation of third-party contracts. This should be investigated and any required permissions or waivers obtained.

Any personal guarantees by the stock 卖方 given to lenders, vendors or perhaps a landlord must be renegotiated to obtain release of the 卖方. As part of the due diligence process, the buyer may also wish to obtain acknowledgment of compliance with lease provisions from the landlord.

资产购买限制责任,但要提防继任责任

尽管资产购买不像股票购买那样冒险,但是如果不仔细分析,资产购买可能会变成负数。

In an 资产出售, the buyer must create a new entity, unless operating as sole proprietor. This new entity may be the actual, named buyer in the transaction or the 卖方 may transfer assets and liabilities into one or more entities after closing. This decision is most often driven by tax considerations. Ultimate calculation of the buyer’公司和/或买方的税基’资本出资是由有形资产和无形资产的净公允价值减去债务后的净值得出的。

In an 资产出售, the company sells only selected, described assets, tangible or intangible, and the buyer assumes only selected, described liabilities. The amount paid for individual assets, especially intangibles, may be scrutinized by taxing authorities and the values allocated by the parties may have to be supported by empirical evidence or expert opinion, or both, to withstand the scrutiny of these taxing authorities. The value of intangible assets or “blue sky”每年可能需要对买方购买的产品进行分析和调整,这可能会导致大量账面/税收收入或损失。

The total purchase price in an 资产出售 is usually allocated by agreement between the parties to specific assets, tangible and intangible. This allocation may have different and significant tax impact upon the 卖方 and buyer and this sometimes creates adversity between the parties. “Titled”资产必须分别以适当的契据,注册,所有权,销售票据或其他转让文件单独转让。

The 资产出售 also requires that the buyer must itself hire employees of the selling company that it needs to continue operations. The buyer may wish to make the entire agreement contingent on its ability to secure employment contracts with key employees. The 卖方 may wish to specify that it be relieved of any potential liability to these “acquired’ employees.

Each liability assumed by the buyer should be analyzed to assure consent and acknowledgement of third party creditors if necessary, to remove the 卖方 from liability and to replace the 卖方 with the buyer as a party. The asset purchase agreement usually also requires the buyer’s indemnification of the 卖方 from liability for obligations not specifically assumed.

阅读有关的文章 继任者责任-即使在资产购买中 有关可能在纯粹资产购买中附加到购买者的未知负债的更多信息。

在任何业务出售中绝对需要购买协议

购买协议对于保护与业务销售有关的双方都很重要。

对于两种类型的出售,购买协议均应包含双方关于另一方依赖的有关因素的书面陈述,包括所有权权益或所转移的资产和负债的特征,条件或其他详细信息,各方进行交易的能力或能力以及对双方而言重要的其他因素。

The agreement may include the 卖方’不得在特定时间和有限的地理区域内与买方竞争。也可以协商保密或不征求员工的协议。该协议应说明当事各方’对分配给购买价格的部分或这些盟约出于税收目的的理解。

最后,协议应注明成交日期和地点,应标明成交时要交付的物品或文件,应规定购买价的金额和支付方式以及当事方未能交付或违反时可以向当事方提供的补救措施。物质表示。该协议还应解决各种争议的解决方法,在签署和结案之间的损失风险,任何保险要求,当事方’选择法律,以及对买方进行尽职调查的时间,范围和效果的理解。该协议还可能列出了一些关键条件,这些条件在经过调查或尽职调查后,会引起买卖双方撤销该协议的权利。

这只是对应考虑并达成共识的许多事项的讨论,以帮助确保企业的买卖成功完成,对所有有关方面均公平,并且不会给任何一方带来不幸或意外后果派对。您可能会想到,如果没有合格的财务和法律专业人士(例如第四法小企业律师)的协助,这将很难实现。

一则评论

  • I’ve总是考虑要购买一家企业,然后可能出售以获取利润。现在,正如您所说,与企业打交道时有两个主要销售。在这两个中,我可能会购买资产,因为’承担这些责任。如果有的话,我’还要确保获得专业帮助。

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