Purchasing or selling a business?

Category: Commercial Date: 2.2.20 Published by:

Legal considerations when buying or selling a business

  • Make sure that you seek advice from a solicitor and accountant prior to signing any documentation as it is likely that you may miss important legal considerations. Purchasing or selling a business can become convoluted and it can cause issues to the transaction if you do not understand your rights and obligations. Seeking advice from a solicitor who has expertise in the area will be able to assist you in your dealing to make sure it is valid, legitimate and legal.
  • Purchasing – It is important that due diligence is conducted before entering into the agreement, this is more imperative for the purchaser of the business. Your legal representative will be able to conduct all the relevant searches in relation to whether the property has a pre-existing lease. You will need advice on the lease terms and how to best negotiate a new lease with the landlord. An accountant should peruse the financials of the business to ensure that you are buying what the vendor is representing
  • Selling – the seller of the business needs to make sure that contract is correct and reflects the agreement between the parties. This is where a solicitor will be able to assist and guide you to make sure that all the information is provided in order for the sale of the business runs smoothly up until the sale.