Methods of Starting a Business

• Author: Michelle Roy McSpurren/Rosemary Bocska
• Pages: 21-31

2

Methods of Starting

aBusiness

Learning Outcomes

After completing this chapter, you should be able to:

• Compare the advantages and challenges of opening

a new business with those of purchasing an existing

business.

• Distinguish between purchasing the assets of a

business and purchasing a business.

• Identify benefits and potential pitfalls for paralegals

who take on second jobs while starting their own

business.

21

Starting a New Business ................. 22

Working While Starting a New Business. . . . 24

Purchasing an Existing Business .......... 25

Due Diligence ......................... 27

Asset Purchase ......................... 29

Price .................................. 29

Conclusion ............................. 29

Key Terms ............................. 30

Useful URLs ............................ 30

Review Questions ...................... 30

Discussion Questions ................... 30

Scenario-Based Questions ............... 30

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