How to buy an assisted living. This week we will be discussing the “Representations and Warranties” section of the typical asset purchase agreement used when buying or selling a residential assisted living home. These are found in the “Agreement” Section of the asset purchase agreement.
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If you are planning to buy or sell an assisted living or group home business, you need a legal document that outlines the terms and conditions of the transaction. In earlier blogs have covered the first paragraph and the background sections of the asset purchase agreement. The first of several elements of the Agreement portion of the asset purchase agreement is covered here.
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What is the difference between a “Background,” “Preamble,” “Recitals,” or “Whereas” sections of a contract in an Asset Purchase Agreement.
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Here is a list of a few of the essential pieces of information that you need immediately on hand to help your attorney prepare the asset purchase agreement (aka, “Purchase and Sale Agreement” or “Business Purchase Agreement”) of an assisted living residence.
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Are you thinking of opening a new assisted living or similar business in 2023? Our attorneys provide suggestions on five steps to get your business off to a good start based on what we have observed with our successful clients.
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Assisted living operators should be aware of a settlement agreement reached today by the Justice Department with Masterson Staffing Solutions. The staffing company, based in Minnesota, was found to have violated the Immigration and Nationality Act (INA) by routinely discriminating against non-U.S. citizen workers when checking their permission to work in the United States. This article covers basics to help you properly complete the I-9 form.
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Small Assisted Living Homes should be given extra recognition during this National Assisted Living Week, September 12 – 16, 2022. Assisted living homeowners step in to fill a need for our elders and others with disabilities. They are the unsung small business heroes and, this week, all of them deserve to be thanked. We appreciate you and are here for you.
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One attractive characteristic of the limited liability company (LLC) is its flexible ownership and management structure. As a result, a common scenario with LLCs is the use of “sweat equity” as a member's contribution. The method that you and the other LLC members arrive at for valuing your capital contributions or your non-cash work efforts or experience, should be documented in writing in the LLC operating agreement. All LLC members should be aware of the potential pitfalls of LLC sweat equity members, including the tax consequences.
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