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Business Transactions
- Small Business Commercial Lease Agreements in New York: Limiting your Personal Guaranty may Not be Enough
- S Corp, C Corp, LLC?
- Be Aware of Forum Selection Clauses in Vendor Agreements
- Buying a New York or New Jersey Car Wash or Gas Station: Evaluate Potential Road Repairs
Library
Business Transactions
- The Advantages of an Asset Purchase Compared to a Stock Purchase
- Factors to Consider when Buying a Gas Station
- The Importance of "Bulk Sales Tax" Notices when Buying a Business in New Jersey
- The Importance of a "Financing Contingency" when Buying a Business
- The Importance of a "Non-Compete" when Buying a Business
The Importance of a "Non-Compete" when Buying a Business
Since the seller's individual shareholders/owners know the business better than anyone else and will possess relationships with customers and suppliers that you will depend on, it is critical that your purchase agreement and closing documents include "non-competition covenants" prohibiting the seller (including, the seller's individual shareholders) from establishing, managing or operating a business that will compete with you in the future. An acceptable non-competition covenant must precisely, clearly and fairly define a specified duration (during which the seller and the seller's shareholders are prohibited from competing) and territory (in the form of a set radius of "miles" from the location of the business that you are purchasing) prohibiting the seller and the seller's individual shareholders from competing with you or diverting your customers to a third party.
Charles N. Internicola is an accomplished New York and New Jersey business litigation attorney who represents and defends the business interests of his clients in lawsuits involving business disputes, partnership disputes, trademark infringement and unfair competition. If you are involved in a business dispute and require the services of a seasoned business litigation attorney in New York or New Jersey, contact Charles N. Internicola, to discuss the litigation services that he offers. As a business attorney, Charles is the author of "An Entrepreneurs Guide to Purchasing a Business" and he is the publisher of the "New York Franchise Law Blog".
IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Charles N. Internicola, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. The content of this website is subject to the Copyright of its author, Charles N. Internicola, Esq.
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