Expert Legal and Tax Tips for M&A Transactions [PODCAST]

而并购的焦点往往是接近尾声, 在签订购买协议之前，还需要考虑一些关键的法律和财务问题. 这些问题可能会在未来产生重要的影响，这可能对所有各方都不明显. To achieve the best possible result, 考虑潜在的交易结构和相应的影响双方最终底线的税收影响是至关重要的. 

Redpath’s Joe Hellman recently explored the legal side of M&瑞安•米斯克(Ryan Miske)是该公司合伙人兼私募股权业务负责人 Faegre Drinker, for an episode of The Transaction Abstract. 

Listen to the episode below or keep reading for a full summary. 

Three Types of Transaction Structures

During the early stages of a transaction process, 律师与税务顾问合作，帮助各方探索潜在交易结构的后果，这一点至关重要. While in some cases, 买方使用的先前协议可以作为文件的起点, the initial analysis should still be completed. Every deal is unique, 根据法人实体的类型和当事人的目的, 有各种各样的交易结构可能适合于特定的情况, including some which are relatively complex. However, transactions frequently take one of the following forms: 

Asset Purchase

在资产购买中，买方从目标企业获得特定的资产和负债. After closing, the two entities continue to separately exist, 虽然在某些情况下，出售实体可以在交易完成后解散.

买家通常更喜欢购买资产，因为他们可以更容易地根据具体情况在目标的资产和负债中进行选择, leaving behind most (but not all) liabilities if mutually agreed. 除了受益于管理与继承债务有关的风险的能力增强之外, 在这种结构下，买家通常享有优惠的税收待遇.  

Equity Purchase 

When a transaction is structured as an equity purchase, 买方从现有股东手中收购目标公司的现有股票或其他股权, each of whom is a seller. Absent a specific carve out in the purchase agreement, the target company will retain all of its assets and liabilities, effectively transferring risk to the buyer(s). The target company retains its corporate identity, with only the identity of the equityholders changing. Equity transactions are often preferred by sellers, 谁通常受益于优惠的税收待遇和很少或没有结算后负债. However, 如果涉及大量股东，股权交易可能会变得难以处理, 作为交易的一部分，他们每个人都在出售自己的权益. 在这些情况下，双方可能会将交易结构视为合并. 

Merger 

在合并中，两个实体合并在一起，只有一个实体在交易结束后存活. Mergers are often more complex than asset and equity acquisitions, 并受适用于合并实体和存续实体的州法律管辖.

在合并中，幸存的实体最终将持有合并后的所有资产, rights, and liabilities of the parties to the merger, and only one entity will survive closing. 

Resources: 
Guide to buying a business 
Guide to selling a business 

Obtaining Advice

When it comes to selecting a transaction structure, “get your legal and tax advisors involved early on,” advises Ryan, “so you can weigh those options. If you get too far down the path, it can become more time-consuming and, frankly, 如果你没有考虑到结构和税收影响的话，会更贵.” 

While buyers want the best deal, 卖家也不希望自己的收益因税收而意外减少, 交易结构分析不一定是竞争, he notes. Often by working with tax and legal advisors from the beginning, “税收饼干”可以分开，这样买卖双方都是赢家.

Options That Can Mitigate Tax Implications 

Depending on the specifics of the deal, 在购买协议敲定之前，可能有办法改善买方或卖方(或双方)的税务状况. 这是你真正需要经验丰富的法律和财务顾问的专业知识的地方. 

338(h)(10) tax election

瑞安指出，许多创始人所有的公司都将进行s选举, which means a lot of the targets are S corporations. 根据IRS 338(h)(10)的规定，股权收购可以被视为税收目的的资产收购. This can result in a step-up in the tax basis of the assets, which in some cases can be very attractive to buyers. 重要的是，每个政党的法律和税务顾问决定在特定情况下，这次选举是否是最佳选择. 

Formation of New LLC or F-Reorganization 

Ryan指出，如果事务涉及到展期，则不能使用338(h)(10)选举. Instead, if the target entity is an S corporation, 那么可能有理由考虑将目标公司的资产下拉到新成立的有限责任公司中.” Or, f -重组通过多步骤过程实现了类似的结果，即原来的S公司有效地转变为有限责任公司. In this case, 买方最终持有新的或转换后的有限责任公司的股权，而不是原来的S公司的股票. 

Both of these strategies are becoming broadly accepted, 而且它们特别有价值，因为它们可以在交易结束前的最后几天内完成. However, “the one thing we like to remind buyers,” Ryan cautions, “is that with a 338(h)(10) or an F-reorganization, you’re inheriting any sort of legacy tax liabilities.” 

Final Thoughts

确保税务和结构问题不会造成不必要的延误或费用, and that all parties are comfortable with the process, Ryan建议在交易开始时创建一个步骤图. The step chart lays out the structure, 包括所依赖的国税局代码的相关部分和所涉及的步骤. This ensures that buyer, seller, 所有的顾问都能想象出执行交易需要做什么, as well as the tax implications. 

“You ought to be thinking about tax from the beginning,” repeats Ryan, and he is talking to both buyers and sellers. “As an M&A lawyer, 如果我们是控制我不会流通购买协议，直到我们有这个讨论，因为它是非常低效的. You don’t want to be drafting two different purchase agreements, it’s not good for anyone, and it’s more expensive.相反，他建议从结构开始，然后从那里开始编写文档.