Buying a Business Solicitors

Whether you're purchasing or selling a business, it's crucial to seek legal advice as early as possible in the process.

This ensures you fully understand the necessary agreements and protects you from unforeseen liabilities. The process of buying or selling a business can be complex, with numerous pitfalls for those lacking specialised legal knowledge. Each transaction is unique, so early legal guidance is essential to safeguard your investment or the proceeds from your sale.

When selling a business, it's important to have all your documentation in order to protect yourself from potential claims from the buyer after the sale is completed. This includes establishing a comprehensive paper trail. You should prepare your accounts, accreditations, and licenses, ensuring that your financial records are up to date and accurate.

Additionally, you must provide accessible copies of contracts related to suppliers, customers, employees, and others. Having these in place will offer better protection against claims from the buyer. Failing to complete these tasks can lead to delays and complications in the sale process.

They key steps to take are;

 Notify HMRC that you have sold your business.

 If VAT registered, you may transfer your VAT registration number to the new owner.

 Complete a self-assessment tax return by the deadline, including the date you ceased trading.

 If you made a capital gain from the sale, you will need to pay capital gains tax.

 Inform your employees about the sale, providing details about the reason for the sale and the timing.

 Outline any redundancy terms or relocation packages, if applicable.

Your responsibilities will vary depending on whether you are selling a partnership or a limited company. 

When acquiring a business, it's essential to avoid overpaying due to issues that may arise after the transaction is completed. We mitigate these risks by identifying and addressing them in the legal agreements. The principle of "buyer beware" applies, which means you may have limited recourse if problems occur after the sale.

We primarily focus on private company transactions, representing either the full business buyer or acquirers of a stake. Our expertise in corporate law, share valuation, intellectual property (IP), and tax matters positions you advantageously. Our team of solicitors specialises in business acquisitions, combining cost-effectiveness with the capacity to meet your deadlines.

We also assist minority shareholders looking to purchase a stake in a business. Our expertise lies in managing the business acquisition process, which can be overwhelming without proper support and guidance. We ensure that all transactions are handled proportionately, keeping your legal costs reasonable.