Buying a Business: Due Diligence
By BuildMyBiz on September 15th, 2012
As you become a small business owner, there are items that need to be addressed before entering into any business agreements or transactions. Taking care of these requirements will prevent potential harm to your business. The following are areas where you’ll need to perform due diligence.
Obtain all Licenses and Permits
Most businesses need licenses and permits to operate. The type of license or permit you need depends on your industry and the state in which you are located. License and permit requirements also affect where you locate your business, how much you’ll have to spend for remodeling, and whether or not you’ll have to provide off-street parking.
Visit the Permit Me tool to get a listing of federal, state and local permits, licenses and registrations you’ll need to run your business.
It is important to check the zoning requirements for the area where you are acquiring your business. The zoning requirements may affect the type of business that you are intending to operate in a particular area.
Visit the Basic Zoning Laws for more information about zoning and to ensure your business is abiding to all laws in your area.
If you are acquiring real property along with the acquisition of the business, it is important to check the environmental regulations in the area.
Visit the Basics of Environmental Compliance page for more information about different environmental regulations that can affect your business.
Also explore the Environmental Protection Agency (EPA) site for additional information on environmental concerns.
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