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I am going to buy a majority share in an existing business. the business owner currently runs his business since three(3) years as individual owned business. The purpose of investing in this business is to get 3 year L1 rather than 1 year L1.
As per my lawyer, if the business is individually owned, it is not considered to be existing business. She says the if the business was setup as LLC three years back, it can be stated its existing business. but individual business, you cannot say its existing?
I do not agree as it does not make sense. You can prove business is existing by income tax (personal), lease documents, invoices, payments, POs, etc etc.
Need some serious help from an expert. Any tips, advice,references appreciated.
As per my lawyer, if the business is individually owned, it is not considered to be existing business. She says the if the business was setup as LLC three years back, it can be stated its existing business. but individual business, you cannot say its existing?
I do not agree as it does not make sense. You can prove business is existing by income tax (personal), lease documents, invoices, payments, POs, etc etc.
Need some serious help from an expert. Any tips, advice,references appreciated.
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