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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am interested in purchasing a existing Resturant business

Resolved Question:

I am interested in purchasing a existing Resturant business for £50,000.

How should I proceed with the sale of this business, I want protect myself from being scammed. What do I need to look out
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Are there Solicitors involved and contracts to be signed please?

Customer: At the moment there is no Solictor involved.
Alex Watts :

You should instruct a Solicitor.

Alex Watts :

He will draft a contract setting out your rights and responsibilities.

Alex Watts :

This will be a document signed by you and the seller

Customer: Yes I will instruct a Solictor
Alex Watts :

Then if there is a breach of the terms you can sue for breach of contract

Alex Watts :

But you need to check the accounts, see if they are audited etc

Alex Watts :

But a Solicitor can prepare a detailed document so you know where you stand

Alex Watts :

You can also write this off against profits/tax

Alex Watts :

Can I clarify anything for you about this today please?

Customer: How do I know if business has hidden debt or problems vat issues
Customer: Does seller the need to produce any documents to show his business is genuine
Alex Watts :

You need to ask and the Solicitor will ask for evidence

Customer: What evidences
Alex Watts :

Whatever the Solicitor needs to be satisfied about the purhcase

Alex Watts :

To make sure the business is legitimate

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.


Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.


 


Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

Customer: Your is answer is not detailed enough
Alex Watts :

What else do you need to know?

Alex Watts :

You asked for a low urgent, low detailed answer

Alex Watts :

What else do you want to know?

Customer: Sorry I didn't realise that because I'm on unlimited subscription
Alex Watts :

I see. The fee it shows is very low, so that is why our conversation is not as in depth as a high detailed request

Alex Watts :

But what else do you want to know?

Customer: List of evidence normally a Solictor would request for the seller to check if he's business legitimate
Alex Watts :

Annual accounts

Alex Watts :

Annual returns

Alex Watts :

Audit report

Alex Watts :

VAT returns

Alex Watts :

management accounts

Alex Watts :

bank statements

Alex Watts :

Monthly management figures

Alex Watts :

Details of contract

Alex Watts :

Details of sales

Alex Watts :

Details of purchases

Alex Watts :

Details of assets

Alex Watts :

Can I clarify anything else?

Customer: What if the sellers refuses to provide some of evidence, and seller bears his own legal cost
Alex Watts :

Then you make a commercial decision whether you want to buy it

Customer: Ok thanks
Alex Watts :

Can I clarify anything else for you today?

Customer: How does process take, can I take on the business straight away
Customer: How long does the process take can I take on the business straight away
Alex Watts :

You can but you run the risk

Alex Watts :

You should make sure all checks are carried out before you hand over any money or sign

Customer: Great
Alex Watts :

Can I clarify anything else?

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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