When purchasing or selling a business, it is critical to be accurate in the details of the assets and stock in the business. Incomplete description of assets, poor documentation, broad representations and warranties, and other subtleties can turn a good deal into a terrible deal. Jackie Durham, Jo Ann Koontz (Koontz & Associates, PL) and Marina Parkin (Koontz & Parkin, CPAs) discuss these subtleties related to the purchase of the assets and stock of a business. Don't miss the details that must be documented and discussed with your attorney from the beginning of the purchase.
2:09 Description of included assets and excluded assets.
4:40 Obtain lien against the assets of the company.
5:40 Allocation of purchase price.
7:19 Documenting allocation of assets on tax return.
11:40 Indemnification provision.
21:57 Representations and warranties.
26:37 Extensions of representations and warranties.
27:28 Important notes on representations and warranties.
29:27 Knowledge qualifier.
30:47 Including a statement about what's not warrantied and represented in the contract.
35:29 Restrictive covenants.
39:10 Default provision.
40:44 Provisions that survive termination of contract
44:01 Waiver clause.
Part one of buying a business: [ Ссылка ]
SPEAKERS
Koontz & Associates, PL | Jo Ann Koontz
Koontz & Associates, PL | Jackie Durham
Koontz & Parkin, CPAs | Marin Parkin
For more information about Koontz Associates, PL:
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For more information about Koontz & Parkin, CPAs:
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