Asset PurchasesAttorneys Serving Akron and Northeast Ohio
Serving Akron, Canton, Summit County, Portage and Medina, Ohio.
Buying or selling a business is a major step, and the way you structure the transaction matters. An asset purchase gives both sides more control over what is included, what is left behind, and how the deal affects taxes, liabilities, and operations. But these transactions require careful planning, strong documentation, and skilled legal guidance.
At Hoover Kacyon, LLC, we help business owners across Northeast Ohio complete asset purchases with confidence. Whether you are buying another company’s assets or selling your own, we guide you through every legal and procedural step to make sure the deal closes smoothly and protects your interests.
Why Choosean Asset Purchase
An asset purchase offers greater flexibility and protection for buyers by allowing them to acquire only the specific parts of a business they want, such as equipment, contracts, or customer lists, while avoiding unwanted liabilities. It is a preferred option when the buyer wants to steer clear of past debts, legal risks, or obligations tied to the company’s history. Asset purchases also make it easier to exclude certain employees, locations, or responsibilities that do not align with the buyer’s goals.
In some cases, tax advantages or the company’s structure make an asset deal more beneficial than a stock sale. With a clearly written agreement, both parties can define exactly what is being transferred and who remains responsible for any remaining obligations.
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What WeCan Do for You
We guide both buyers and sellers through asset purchases with clear documentation, strategic risk protections, and a focus on smooth, timely closings. Our goal is to make sure every step of the transaction aligns with your long-term business goals and sets the foundation for continued growth and success.
Draft and Negotiate the Asset Purchase Agreement
We prepare or review the primary contract that governs the transaction, making sure every key term is addressed from price and payment to representations, warranties, and closing conditions.
Identify and Prepare the Transfer Documents
We draft or review bills of sale, assignment agreements, intellectual property transfers, and other legal documents required to complete the transaction and properly record the change in ownership.
Advise on Asset Schedules and Disclosures
We help clients list assets accurately and confirm that all physical, contractual, and digital property being transferred is properly described and delivered.
Conduct Due Diligence and Liability Review
We assist buyers in reviewing the financial, legal, and operational condition of the selling business. For sellers, we help prepare documentation and respond to requests without overdisclosure or risk.
Support Closing and Post-Closing Obligations
We coordinate the legal process to close the deal, ensure proper filings, and follow up on any final actions required after the transfer is complete.
When toCall an Asset Purchase Attorney
If you are considering buying or selling business assets, legal planning should begin early. The structure of the transaction affects tax consequences, liabilities, and ongoing obligations.We’re in your corner from day one, ready to help you navigate the process with strength, peace, and clarity.
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FrequentlyAsked Questions
What’s the difference between an asset sale and a stock sale?
In an asset sale, only specific business assets are transferred. In a stock sale, the entire business entity is sold, including its liabilities. We help determine which is better for your goals.
Do I need an attorney if we already agreed on terms?
Yes. Even with a handshake or letter of intent, legal counsel is essential to draft the full contract, identify risks, and avoid mistakes that could affect ownership or tax status.
Can I buy part of a business without taking everything?
Yes. Asset purchases allow for selective transfers. We help structure the deal to include only what you want.
What happens to the employees in an asset purchase?
Employees typically do not transfer automatically. We help buyers evaluate staffing needs and advise on offers, contracts, or transitions.
What if we’re selling assets to pay down debt?
We guide sellers through asset transfers even in distressed conditions and help ensure compliance with creditor and legal requirements.
