A successor corporation is a new business that arises out of a prior existing one. It is important to keep in mind that taking over another business can leave the new business open to liabilities. It may be in your best interests to work with a business lawyer if you wish to create a successor corporation.
Entrepreneurship is a wonderful thing; however, at some point, entrepreneurs may decide to sell their businesses for a number of reasons ranging from an impending retirement to partner dispute to new entrepreneurial pursuits. Establishing the seller’s desire for a sale makes for a better sale strategy and allows the seller to find the right buyer.
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