How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

Business partnership We are buying a business. There

Customer Question

Business partnership

We are buying a business.

There are 4 partners who will be paying £7,500 each to purchase a existing Resturant business for £30,000 ,each partner will own 25% of the business and wil also take whatever the business revenue/ profit.

can we draft a legal document for that. What is that document called.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

Yes, you may draft a legal agreement to govern the relationship.

If a limited company, a shareholders agreement will be appropriate, if not a limited company! a partnership agreement will be appropriate.

Hope this helps
UKSolicitorJA and other Law Specialists are ready to help you
Customer: replied 3 years ago.
It's a limited company, we are buying the existing business do we need to set up a new company, or only to transfer our name to it. Can a person be a director and a shareholder of a company?
Expert:  UKSolicitorJA replied 3 years ago.
You may change the name of the existing limited company and yes, persons may be both shareholders and directors at the same time.

http://www.companieshouse.gov.uk/infoAndGuide/faq/changeCompNameRes.shtml