Can A Buyer Or Seller Of A Business Back Out Of A Deal If There Is A Problem?
The best way, as an attorney, to ensure that my client is able to back out is to discuss with the client what type of contingency should be in the agreement. Many people fail to think about escape clauses and contingencies for when they would be able to back out of a contract. If the attorney is shrewd and experienced, he or she can anticipate many problems that may pop up and build in contingencies. That is why you should have attorneys draw up all agreements.
In real estate, the Florida Bar forms have been approved by the Florida Association of Realtors and the Florida Bar. However, when using these forms, if there are reasons why either the prospective seller or the purchaser wants to back out, it hasn’t been anticipated in the form. No one has put in an addendum because no attorney has looked at it. Then, they come to an attorney asking how to back out but there is nothing in the agreement that allows them to do so. As an attorney, you are trying to protect your client but not to the point that it will kill the deal. You want an attorney who has the practical experience to know the difference.
Why Do I Need An Attorney To Help Me Sell My Business?
You don’t just need an attorney to help you sell your business; you need an attorney who is experienced in this particular area of law. If you are not incorporated and you haven’t formed an LLC, you are operating as a solo practitioner or a partnership, and you get sued, it is too late for form an LLC or file a corporation. That is not going to give you any protection. An attorney should be involved from the very beginning.
For more information on Backing Out Of A Business Transaction, a case evaluation is your next best step. Get the information and legal answers you are seeking by calling (772) 242-3600 today.
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