The file should explain the genuine executed terms and any material changes. A general description cannot replace the investment and control rights the parties actually agreed to.
Follow the rights and payments into the final records
Locate the ownership documents, operating agreement, payment evidence and any escrow or financing terms. Explain the difference rather than selecting the more favourable description. The review needs the actual commitment and security arrangements.
Formation and ownership records, several years of financial statements and tax returns, payroll registers with a current employee list, the liquor and food-service licences, booking and occupancy data, supplier and service agreements, and an inspection of the building. A credible business plan with staffing and financial projections, a valuation supporting the price paid, corporate formation in the American state, a shareholders agreement drafted to establish operational control, and an accountant tracing the source of funds all cost money before anything is submitted. Request the full set before committing anything: the capitalization table, the shareholder or operating agreement, bylaws, board and shareholder resolutions, the subscription or purchase agreement, recent financial statements, corporate registration filings, and any employment agreement offered alongside the stake.