How to Take Over a Company
Taking over any company is never easy for anyone. The difficulty of getting things in order and dealing with the red tape in a takeover is truly a complicated process. It requires dealing with red tape and registration of property and name and dealing with the labor force.
To help you cope with the stress of a takeover, here are a few tips in taking over a company.
Taking over anything has never been easy for anyone. Whether it is taking over an office, a new job, a position or a business, change always brings about hardships on everyone. Such difficulty increases if such take over entails that certain procedure be followed. It is doubly difficult if other people are affected by the change as well. To help you ease the difficulty of a take over, here are a few tips in taking over a company.
In the eyes of the law there are generally three categories of businesses or companies: the sole proprietorship, the partnership and the corporation. Each of these kinds of businesses has their own requirements and regulations for formation and creation. The same goes true for their termination or when they are taken over. Of course, each state may have its own set of rules for the creation, formation and termination of businesses.
Sole proprietorship, as the term may imply, means that the business is owned, operated and controlled by one person or family. Taking over a sole proprietor business is easier than the other kinds of businesses as one only needs to contract and agree with the owner of the business for the sale of such business. Usually the take over of the company, in any of the three kinds, may be because it is a sale or as payment for a debt. In either case, a contract is drafted and signed for the purpose. Some states require registration of such take over while others do not.
Taking over a partnership is more complicated because this kind of business is peculiar than the other kinds of businesses and is generally widely regulated. To take over such business the partners of the company must agree to the take over of the business. Oftentimes the articles of partnership, which is the contract between the partners, would indicate the protocol to follow in taking over the partnership. Of course, there would be filing in the appropriate government regulatory board. If it is a corporation, taking over means owning majority of the capital stock of the corporation or all of the stocks of the corporation. Registration of such take over is also necessary.
Take over of any of these businesses means acquisition of their assets as well. This means ownership of the company’s properties. There may be a need to transfer registration of the property as well. Take over of a company generally does not mean forced take over of the work force. The new owner oftentimes has free reign on whether he/she wants to re-hire the former employees.
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