Business Sales & Business Purchases
If you plan to buy a business, or if you are planning to sell, our solicitors can provide expert advice to ensure the process moves smoothly. If we are contacted at an early stage, we can ensure you have the right structure and timing for your purchase/sale.
Our specialist solicitors can:
- Help you decide on the appropriate structure
- Help write a Partnership Agreement or Company Articles of Association
- Advise on what rights and obligation you may take on regarding employees
- Make any enquiries into the proposed business that may need to be made
- Help drafting any covenants to ensure the seller does not set up a competing business
- Draft any contract for sale
If you are looking to set up a business entity for a new business, then our corporate solicitors can carry out the legal due diligence whilst you focus on your business.
If you plan to set up as a sole-trader, partnership or limited company, then we can offer support and advice on company formation and incorporation, as well as advice on registering for VAT and other taxes such as corporation tax, listing the business with Companies House.
Contact our Corporate Solicitors:
If you would like to enquire about a business sale or a business purchase please complete our online contact form here or send an email to us at email@example.com and one of our solicitors shall call you back.
Alternatively, please call our corporate solicitors in Manchester on 0161 820 8888 for a no obligation discussion.
Call us for a free initial consultation
It depends on the market conditions and what is for sale. Typical business purchases and sales can take between five to eight months from start to finish. You should allow a full year.
For shareholders of a limited company, there is a choice in how their business can be sold. The company can sell its assets and goodwill, or the shareholders can sell their shares in a share transfer. For an asset and goodwill sale, the sales proceeds are paid to the company. For a share transfer, the consideration will come directly to the shareholder.
The tax implications of buying or selling a business will depend on your personal circumstances. Some form of tax is inevitable when selling, and it is vital you get advice on the tax regime applicable to you. You should get this advice at the outset as it can have an impact on how best to structure a deal/sale.
Currently, within the UK, the tax on limited company sales or qualifying assets is still favourable to the seller – with capital gains tax from as low as 10%.
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