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, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
Type Your Law Question Here...
UKSolicitorJA is online now

I am planing to purchase a existing Resturant business. What

This answer was rated:

I am planing to purchase a existing Resturant business. What is an acquisition and differences between purchasing this business as an entirely new venture, or an existing business making the acquisition?

There is not much difference other than VAT implication, for instance if the business is transferred as a going concern, it will normally not be subject to VAT.

See here for further information

Can I help further?
Customer: replied 3 years ago.

ok what is acquisition

An acquisition is simply a purchase.
Customer: replied 3 years ago.
Sorry your answers are very brief I don't understand what you mean by if the business is transferred as a going concern.

when purchasing a business or a company what is the differences between the purchase of a business or the company.
Transfer as a going concern simply means you acquire a business which is already operating I.e. It has not shut down already e.g. You take over a coffee shop with its existing assets, employees, customers etc from the owner.

Sale of the company means the company's shares are transferred to you along with the company's assets and liabilities. Sale of a business is where you take over certain aspects of the business e.g. Assets, furniture I.e. You may choose what to acquire and what not to acquire of the business.

UKSolicitorJA and 4 other Law Specialists are ready to help you