When purchasing an existing New York or New Jersey business, it is essential to fully understand what assets and liabilities you will be inheriting. While tangible assets like equipment, inventory, and buildings are important considerations, intangible assets like intellectual property should not be overlooked.
In fact, given the increasing value of trademarks, trade secrets, and patents in today’s business world, intellectual property should be near the top of your list when investigating a potential business acquisition. While certainly not an exhaustive list, below are several key areas to consider:
Verify IP Ownership: It is important to verify that the potential acquisition in fact owns all of the intellectual property needed to run the business successfully. This means obtaining documentation related to all federally registered IP such as trademarks, patents, and copyrights as well as any rights obtained under state or common law. In addition, any representations that the company makes regarding IP ownership should be reflected in the purchase and sale agreement....
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