Latest / North Star Tax and Legal Briefing
Selling a California Business? What a Buyer’s $1 Purchase Agreement Can Cost You
A buyer's draft reciting one dollar and other consideration, a broad noncompete, and a sign-now-close-later timeline can cost a California seller the real price, the covenant, and a secured position if the buyer later files bankruptcy. How California courts read vague purchase agreements, when the noncompete exception applies, and the protections and tax planning to insist on before signing. https://ca-legal.net/california-business-sale-purchase-agreement-1-dollar-noncompete-section-365/
The skinny
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