ASSET PURCHASE AGREEMENTS: Closing Considerations in North Carolina

Depending upon the type of Business Assets involved, the following are just a few of the documents that a potential Buyer and Seller may want to include in an Asset Purchase Agreement at Closing:

  • The Parties will need a Bill of Sale and Assignment of Property.
  • The Buyer should determine if it needs to form a new Business Entity with which to buy the Seller’s assets.
  • The Buyer should consider whether it wants or need a Noncompetion Agreement with the Seller and/or the Seller’s Shareholders/Members, and/or Key Employees.
  • If Intellectual Property is involved, the parties will need an Assignment of Trademarks, Patents, and/or Copyrights, as applicable.
  • If the Seller’s website domain, email addresses, and/or telephone numbers are involved, the parties will need an Assignment Agreement to cover these items.
  • The parties will need an Assignment of Contracts, Leases, and/or Liabilities as applicable.
  • If the Buyer wants the Seller’s owners and/or Key Employees to assist Buyer with Buyer’s new business for a period of time after Closing, the Buyer will need an Employment/Consulting Agreement with these parties.
  • If the Buyer is not paying cash at Closing, the Seller will at a minimum want a Promissory Note signed by the Buyer, and a Seller should consider whether additional security is needed in the form of a Personal Guarantee Agreement signed by the Buyer’s individual Owners, a Security Agreement on transferred personal property, or a Deed of Trust on transferred Real Property.
  • The Buyer will want appropriate Approvals by the Seller’s Stockholders/Members and Board or Directors/Members.
  • The Seller will want appropriate Approvals by the Buyer’s Stockholders/Members and Board of Directors/Members.

If you are planning to Purchase the Assets of an existing business, the foregoing documents are just a few that a potential Buyer and Seller may want to include in an Asset Purchase Agreement.  If you need help or advice, call an experienced Business Attorney. Call Wesley Scott Jones now at 910-256-5800 for a free telephone consultation.

Wesley Jones is a Business Lawyer serving in Wilmington, North Carolina serving all of Southeastern North Carolina including New Hanover County (e.g. Wilmington, Kure Beach, Wrightsville Beach, Carolina Beach and the areas of Ogden, Masonboro, Myrtle Grove, Landfall, and Mayfair), all of Pender County (e.g. Burgaw, Surf City, Hampstead and Topsail Beach) and all of Brunswick County (e.g. Bald Head Island, Bolivia, Calabash, Leland, Shallotte, Southport, Saint James, Ocean Isle, and Oak Island).

The following are just a few of the Business Services that Wesley Scott Jones provides to clients:   Annual Meeting Minutes, Annual Reports, Assignments, Board of Director’s Meeting Minutes, Business Entity Startup and Formation, Buying or Selling a Business, and Business Dissolution and Liquidation, Bylaws, Contract Review and Drafting (including Non-Compete or Noncompetition Agreements, Confidentiality Agreements, and Nondisclosure Agreements), Due Diligence Research, Drafting Shareholder and Operating Agreements, Drafting Shareholders and Directors Meeting Minutes,  Leases, Licensing, Limited Liability Company Formation, LLCs, Meeting Minutes, Non-Profit Corporations, Non-Solicitation Agreements, Organizational Minutes, Partnership Formation, Professional Malpractice, Promissory Notes, Regulations,  Shareholder Agreements, Shareholder’s Meeting Minutes, and Starting and Operating a Franchisee Business.

RESIDENTIAL CONSTRUCTION CLAIMS IN NORTH CAROLINA

Attorney for General Contractor, Wilmington NC

Residential Construction Claims come about within a variety of contexts depending upon who you are in the process:

1. Homeowners:

Common claims that existing or potential Homeowners can have include claims against the General Contractor, a Design Professional (Architects, Engineers, Landscape Architects, Surveyors, etc.), a Subcontractor, a Material Supplier or a Real Estate Agent, among others.

  • Claims against the General Contractor include:  Breach of Contract, Delayed Performance, Breach of Express Warranties, Breach of Implied Warranties, Breach of Warranty of Workmanlike Performance, Breach of Warranty of Habitability, Negligence, Negligent Construction, Negligent Supervision, Negligent Inspection of the Work, Negligent Selection of Materials, Misrepresentation, Fraud, Unfair and Deceptive Trade Practices, and Failure to Be Properly Licensed.
  • Claims against a Subcontractor or Material Supplier include:  Negligence, Breach of Implied Warranty of Merchantability and Negligent Selection of Materials.
  • Claims against a Real Estate Agent include:  Breach of Contract, Breach of Fiduciary Duty, Breach of Duty of Loyalty and Obedience, Breach of Duty of Skill, Care and Diligence, Failure to Disclose Material Facts, Improper Accounting of Funds, Negligence, Fraud, and Unfair and Deceptive Trade Practices.

2. Builders and Contractors:

Common claims that Builders and Contractors can have include claims against the Homeowner, a Design Professional, a Subcontractor, or a Material Supplier, among others.

  • Claims against the Homeowner include:  Breach of Contract, Failure to Pay, and Interference with Performance of Contract.
  • Claims against a Design Professional include:  Breach of Contract, Breach of Warranty of Plans and Specifications, Negligent Preparation of Plans and Specifications, Negligent Supervision, and Negligent Inspection.
  • Claims against a Subcontractor or Material Supplier include:  Breach of Contract, Breach of Implied Warranty of Merchantability, Negligence, and Negligent Selection of Materials.

3. Subcontractors and Material Suppliers:

Common claims that Subcontractors and Material Suppliers can have include claims against the Homeowner, claims against the Builder/Contractor, and claims against each other.

  • Claims against the Homeowner include:  Failure to Pay, Claim of Lien On Funds, Claim of Lien On Real Property, and Signing a False Lien Waiver.
  • Claims against the Builder/Contractor include:  Breach of Contract, Failure to Pay, Claim of Lien On Funds, Claim of Lien On Real Property, and Signing a False Lien Waiver.
  • Claims against each other include:  Breach of Contract, Failure to Pay, Claim of Lien On Funds, Negligent Selection of Materials, and Product Liability.

If you anticipate or are experiencing a Construction Law Dispute with respect to the construction or sale of a Residential Home, call an experienced construction attorney for advice and help.  Call Wesley Jones now at 910-256-5800 for a free telephone consultation.

Wesley Jones is a Construction and Litigation Lawyer serving all of Southeastern North Carolina including New Hanover County (e.g. Wilmington, Kure Beach, Wrightsville Beach, Carolina Beach and the areas of Ogden, Masonboro, Myrtle Grove, Landfall, and Mayfair), all of Pender County (e.g. Burgaw, Surf City, Hampstead and Topsail Beach) and all of Brunswick County (e.g. Bald Head Island, Bolivia, Calabash, Leland, Shallotte, Southport, Saint James, Ocean Isle, and Oak Island).

Business Litigation Lawyer in Wilmington, NC

An Attorney reviewing documents with clients.Those that go into business for themselves usually do so for a few reasons:

  • They have found their passion
  • They feel that they can provide their clientele with needed goods or services
  • They are confident that they can make a living through their commercial or business venture

Of course astute owners will be conscientious to ensure that their business operates by the book and that their customers are absolutely satisfied. Unfortunately, even the best-laid plans can take a negative turn. Disputes can arise in cases of business against business or private individual vs. business. Thankfully, many such matters are often resolved through negotiations or arbitration proceedings. When matters cannot be resolved, Business Litigation is an effective means to do so.

Local Wilmington attorney, Wesley Scott Jones, is well-versed in the realm of Business Litigation. Because of its wide scope, when dealing with matters of Business Litigation, it is extremely beneficial to retain the services of an experienced professional. Attorney Wesley Scott Jones has a high degree of expertise in managing disagreements that can result in the various stages of business startup and ownership. He has handled a number of cases involving conflicts between business partners, customers, employees and third party contractors. Jones can also work with clients who are caught in disputes involved in the process of starting up, operating, or dissolving a business.

From banks to builders, small business owners to sub contractors, each different industry comes with a specific set of potential problems. Wesley Scott Jones has gone to bat for his clients on issues representing the full spectrum of possibilities unique to businesses, including general disputes, fraud, bill collection, breach of contract and unfinished work. Choosing a lawyer who is knowledgeable on the multi-faceted world of business law can be invaluable in protecting your rights and your company’s business interests.

To learn more about the various industries Jones has represented and case topics he deals with, please visit this website to learn more: wsjlaw.com/practice-areas-and-services/business-litigation/

To contact the office of Wesley Scott Jones directly, simply call 919-256-5800.

 

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Business and Contract Dispute Attorney in Wilmington

Picture of a business man.Can you guess the answer to this question: “What is the most common type of business conflict between opposing parties that can often lead to courtroom litigation?” If you guessed contract disputes, you would be correct.

There are practically as many different types of contract disagreements as there are businesses. Seeking a resolution to these types of clashes can be exhausting and take its toll on your business through the stress, lost time, and expense of a potential lawsuit. With contract disputes, it is best to address them as quickly and efficiently as possible, because they can have a direct impact on your other business dealings. As a business owner, it is also extremely important to safeguard your legal rights. In many cases of contract conflicts, an experienced Business and Contract Dispute attorney can help resolve the matter without civil litigation.

In the Greater Wilmington area, business owners are discovering that for matters such as these, the law firm of Attorney Wesley Scott Jones is the one to contact. Whether the contract in question was created years ago or you’re considering drafting a new one, Wes can help. Because of his experience in this area of business law, he can work with you to ensure that your contracts are clear, thorough, and enforceable.

Wes knows that there are a number of contracts that can easily become a source of conflict among the parties who are subjected to them. A few common examples are business agreements involving customers or clients, distributors, vendors, suppliers, manufacturers, contractors and subcontractors, independent contractors, franchises, and licensing. Quarrels are also commonplace that pertain to service agreements, purchase or sale agreements, construction contracts, and government contracts.

When you contact the law firm of Wesley Scott Jones, please know that he is committed to settling such disputes in a fair and reasonable manner. As a Business and Contract Dispute Litigator, he can explain your legal rights and obligations and then guide you to the appropriate legitimate options. Follow this link to learn more about Business or Construction Contract Disputes. To contact the office of Wesley Scott Jones directly, please call 919-256-5800.

 

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