Yorkville Sale of Restaurant Attorney: Structuring The Commercial Purchase or Sale of a Restaurant in Kendall County

Structuring a purchase of a restaurant when you are purchasing the building and the business requires careful planning and consideration. There are two significant steps in the commercial purchase and sale process, along with legal concerns for the commercial real estate purchase of the building. The first step is negotiating a letter of intent. 

A letter of intent is a non-legally binding letter that summarizes the terms and conditions of the restaurant purchase. The purpose of a letter of intent is to describe the potential acquisition of the restaurant and commercial building and show a seller that the buyer is serious. Furthermore, the letter of intent secures the exclusive negotiations involving the proposed buyer and the seller. The letter of intent must summarize the rights and responsibilities of the buyer and seller. The letter of intent also will have an initial deposit of money that will be exchanged called "earnest money." The earnest money shows the buyer's seriousness in purchasing the business. 

A commercial purchase and sale contract for the real estate purchase will evidence the commercial real estate purchase. The letter of intent is supplemental to the commercial purchase and sale contract for acquiring the commercial real estate property. Generally, a commercial real estate agent and a business broker represent the sale and purchase of a commercial real estate property. For example, the commercial real estate agent is authorized to sell real estate and place a restaurant's building up for sale. The business broker is experienced in executing the purchase and sale of a restaurant. The business broker identifies potential buyers and sellers and brings them together.

Plano Commercial Real Estate Attorney Assisting Sellers & Buyers in the Kendall County areas, including Yorkville, Oswego, Newark, and Bristol

Real estate investing in large multi-unit buildings requires wisdom, precision, and patience. Smart real estate investors surround themselves with savvy, experienced business and legal advisors. This article will discuss real estate advice for purchasing and selling multi-unit buildings.

1. Surrounding Yourself with the Right Real Estate Professionals

Successful real estate investors and commercial property owners surround themselves with a solid real estate team of experienced and savvy advisors, including the following:

Commercial real estate is crucial to building wealth, especially since "going green" is the new way to advance. Wealth building, be it through commercial real estate or otherwise, is a financial empowerment. Today, where you grow up, and the quality of your education play a big part in your future success and job prospects. Despite the country's shortcomings, people succeed daily, although they are frequently the minority. The dollar has the same worth for everyone, regardless of skin complexion or race.

Dr. Martin Luther King envisioned a world where everyone was included, regardless of race or ethnicity. Dr. King's birthday (January 15th), i.e., Martin Luther King Day, is observed in various ways by different individuals. The civil rights movement needed more specific emphasis on financial empowerment, which was one of its shortcomings.

Kendall County Real Estate Lawyers: Asset Protection & Real Estate Transactions Law

What is an LLC?

An LLC is a limited liability company owned by one or more "members." There are numerous benefits to forming an LLC. If a company is included as an LLC, liability for the managers and members is limited. The managers and owners are not personally liable for any possible debts or liabilities from the company. The members are not personally or individually responsible if debts or lawsuits occur. LLCs are vital if you want to protect your assets, as they will not be at risk if the company faces liability. Also, forming an LLC will prevent your company from being taxed twice through double taxation. Other corporations are likely to be subject to double taxation because the company pays taxes on the income and the owners of the company tax on the dividend income. LLCs avoid this double taxation. If the LLC is profitable, the profits go directly to the members, and these profits are only taxed once. 

What is a Series LLC?

This article will discuss business entities for real estate investors, landlords, and commercial property owners. The most popular business entity is a limited liability company, an "LLC." The LLC is a method to insulate a business owner's assets from business creditor concerns. The LLC provides limited liability protection for its owners by limiting a business creditor's reach to business assets versus the personal business assets of its owners. Business owners are concerned about limited liability protection and protecting their assets from a creditor's lawsuit.

As a general rule, the LLC provides liability protection, which limits a creditor's remedies to the business assets of the LLC. Plaintiff's lawyers understand the benefits of an LLC's limited liability protection and make their living finding a strategy to go after a business's owner's assets.