If your business is considering the purchase of another company, seeking the help of an experienced legal service provider should be your next step. Here is some basic advice and guidance to inform your choice of legal expert.
Purchasing a business can take as little as a few days to complete. Every situation is different, however, and there are a number of variables (such as landlords or investors) that must be taken into account. If you are uncertain about the factors to be taken into consideration, it is best to allow 4 – 6 weeks for completion.
A legal expert can provide step-by-step guidance on the process of purchasing a business. They will help you to agree the main terms of a purchase and liaise with the seller’s legal service provider in order to prepare a draft contract. Your legal expert will also help to outline other procedures such as searches, stocktakes and applications to landlords.
When you purchase an existing business then you inherit all of its assets. This includes property, possessions within the property, investments, employees and any intellectual property, such as patents, trademarks and copyrighted material.
Handling intellectual property and employee contracts should not be overlooked as it is an integral part of any transaction. In particular, your legal service provider should make you aware of your responsibilities under TUPE.
Experience, knowledge and expertise are some of the most important factors when choosing a legal service provider to assist in a business purchase. The Law Society's Lexcel mark is also a sign of reliable quality.
The Law Superstore’s client rating and review system will help you to choose a legal service provider that comes with a proven track record for handling business legal matters. You may also wish to make a decision based on factors such as the location, cost and size of a firm.
Answer a few short questions now and start comparing legal service providers based on the criteria most important to you.
Legal service providers typically charge on an hourly rate or fixed fee with capped hours basis in the case of business purchases. Be aware that costs and pricing structures may vary depending on the complexity of the sale and the size of the enterprise.
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