Hi thugs, I'm trying to buy a couple of retail stores from my current employer.
I live in Texas, and my current boss offered to sell his stores to my brother and me for just under $1 million. Working with a business consultant provided by my city, I developed a business plan, a financial plan and opened a business account with the Tax Service. My father-in-law invests well about 150 thousand dollars in a business loan to buy a business.
My problem comes from a corporation: they want the new owners to have 100 thousand dollars in cash separately from the business loan for the purpose of buying the corporation. My father has two rental properties that he is not averse to selling in order to invest in this new business venture, but he does not want to lose money because of taxes. My brother and I have been working on this business plan for a year now, and this obstacle makes me worry that it was all a waste of time.
My questions are as follows:
1. Can my PHIL sell his rental property tax-free if he invests in my business?
2. Do I need to make my FIL a partner in my company? He really doesn't like to take risks and doesn't want to lose his retirement money at the age of 70 because of my business.
I understand that I will almost certainly need the help of a lawyer and a tax specialist, mostly I post messages here to get any advice about this so as not to waste time and money anymore. Thank you, thugs!
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Trying to buy a retail business | Forum
John
Jun 13 '22
Well, that’s a complicated situation indeed. I also agree that you need to talk to a good lawyer about this and ask them these questions.
Reading through your story, I also thought it would be easier to start a new business from scratch rather than bother with all this stuff. Because it seems too much, and you never know what will come to their mind a year after. So, I would advise you to contact someone with experience like https://www.prendo.com/leadership-challenges/leading-change-and-transformation and talk to them about this.
The situation needs someone with a good grip and good knowledge of the law.
Reading through your story, I also thought it would be easier to start a new business from scratch rather than bother with all this stuff. Because it seems too much, and you never know what will come to their mind a year after. So, I would advise you to contact someone with experience like https://www.prendo.com/leadership-challenges/leading-change-and-transformation and talk to them about this.
The situation needs someone with a good grip and good knowledge of the law.
James
Apr 17
Hi thugs, I'm trying to buy a couple of retail stores from my current employer.I think that in such a question as buying a business, one cannot do without concluding an agreement. Have you tried using online purchase and sales agreement templates?
I live in Texas, and my current boss offered to sell his stores to my brother and me for just under $1 million. Working with a business consultant provided by my city, I developed a business plan, a financial plan and opened a business account with the Tax Service. My father-in-law invests well about 150 thousand dollars in a business loan to buy a business.
My problem comes from a corporation: they want the new owners to have 100 thousand dollars in cash separately from the business loan for the purpose of buying the corporation. My father has two rental properties that he is not averse to selling in order to invest in this new business venture, but he does not want to lose money because of taxes. My brother and I have been working on this business plan for a year now, and this obstacle makes me worry that it was all a waste of time.
My questions are as follows:
1. Can my PHIL sell his rental property tax-free if he invests in my business?
2. Do I need to make my FIL a partner in my company? He really doesn't like to take risks and doesn't want to lose his retirement money at the age of 70 because of my business.
I understand that I will almost certainly need the help of a lawyer and a tax specialist, mostly I post messages here to get any advice about this so as not to waste time and money anymore. Thank you, thugs!
Oliwer Lee
Apr 17
Hello! In fact, the purchase and sale agreement is the most common type of contract of all. After all, people buy or sell something every day, be it a business or real estate. And of course, each contract for the purchase of something has its own characteristics and nuances. It will be helpful for you to go here https://www.ilounge.com/...e-and-sale-agreement to learn more about the best software for creating and signing sales agreements. This way you can receive a high-quality document that meets all legal standards.
MatthewMorgan
13 hours ago
Attempting to acquire a retail business entails a meticulous process fraught with challenges and opportunities. From scrutinizing financial records to gauging market potential, every aspect demands careful consideration. Even amidst uncertainties like fluctuating consumer preferences or the intricacies of 콘텐츠이용료 현금화 diligence remains the cornerstone of effective business acquisition. Amidst negotiations, one must navigate complexities like lease agreements, inventory valuation, and staff management. Furthermore, understanding the cultural and economic landscape is pivotal, especially when dealing with international ventures. In some cases, additional hurdles arise, such as regulatory compliance and technological integration. Amidst these intricacies, the need for adept negotiation skills is paramount. Ultimately, success hinges on strategic planning and adaptability.
james
9 hours ago
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