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Why instruct a lawyer to purchase a business on your behalf:
Whilst business value is derived from the collection of assets it will have liabilities. The value of the assets, goodwill and employee knowledge should be offset against the liabilities. It is often not until you have completed a full evaluation of the business. called a due diligence process, that you understand its true worth.
If you are contracting to purchase the assets of a business you should ensure that all documentation including supply contracts and employee contracts has been provided. You must also ensure that the seller owns the assets and specifically exclude the transfer of any liabilities. TUPE will apply to the transfer and the employees will automatically transfer to the new purchaser.
If you are contracting to purchase the share capital of a business you will take all the business assets and liabilities. The business will continue as the same entity. All assets and employees will automatically transfer. As such you need to ensure that you are aware of all liabilities and risk in the current practice of the business as these may affect value.
What we can do:
Wilson Nesbitt Solicitors have experience of all forms of business transfer and can provide a team of specialists in company, property, employment and intellectual property to facilitate and advise on any sale or purchase. We will carry out legal due diligence, advise on the contract terms and facilitate the transfer of shares or assets.
Contact us:
If you would like more information on our company commercial services please complete a contact form, telephone 0800 840 9295 or email business@wilson-nesbitt.com.
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