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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3671
Experience:  Solicitors 2 years plus PQE
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I would like to buy a business, do I need a solicitor for

Resolved Question:

Hi, I would like to buy a business, do I need a solicitor for this?
Submitted: 2 years ago.
Category: Law
Customer: replied 2 years ago.
I would like to buy a privat hire company, I made an offer to the seller which has been accepted, which would be the next steps?
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Are you buying the shares of the company or the assets of the company?
Kind regards
AJ
Customer: replied 2 years ago.
Hi AJ, I am buying the assets of the business.
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
Really you will need a solicitor to create an asset purchase agreement, and to conduct due diligence and ensure that the seller or the company has title to the assets being sold.
Further more you will require warranties and guarantees from the selling company and its owner to ensure that the assets are unencumbered and there will be no surprises on completion (i.e charges on the assets unpaid taxes etc).
The biggest issue is that if you are buying the business as a going concern, the Transfer of Undertaking Protection of Employment Regulations may apply - essentially you will inherit any staff and their employment histories. You likely require any indemnity against nasty surprise for example historic employment claims, unpaid wages etc.
You can also use a solicitor to agree a staged or escrow payment arrangement, maybe include a retention of the of the purchase price if there any unresolved issues.
Can I assist any further?
Kind regards
AJ
Alex J. and other Law Specialists are ready to help you
Customer: replied 2 years ago.
Thanks for the accurate answer, I still have few questions please. All drivers are self employed with their own cars also, would it stil be an issue regarding Undertaking Protection of Employment Regulations.
Expert:  Alex J. replied 2 years ago.
Hi
Thank you.
Are you accepting an assignment of the driver contracts?
Kind regards
AJ
Customer: replied 2 years ago.
Yes I am accepting an assignment of the driver contracts.
In order for the seller, does he compulsory needs an evaluator for the company?