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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Business partnership We are buying a business. There

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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.

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
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Customer: replied 4 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?
You may change the name of the existing limited company and yes, persons may be both shareholders and directors at the same time.