What type of legal to look for to help purchase of a business

[peterdallan]

Hi there,

I've been in discussions to buy a small business, currently a partnership, from the existing owners.

What I am looking for is someone to handle the purchase of the company. Most searches I've done relate more to commercial property conveyancing but I need someone experienced in business sale legalities, though not sure where to look.

Any help appreciated.

regards

Peter

 

[ethical PR]

A commercial solicitor, an accountant and possibly if you are Tupe'ng over staff and employment lawyer.

 

[Clare@ClarityTaxation]

As above, your accountant may be the best place to start as they can recommend the other professionals you'd need. They can certainly do an initial review of the accounts to advise on purchase cost - from that point you'll know if you're going ahead and whether you need to appoint a solicitor for the legalities.

 

[Clinton]

As I work in this field I have several contacts of solicitors specialised in acquisition transactions, in providing legal due diligence and in drafting Purchase-Sale Agreements (including PSAs involving complicated conditions and warranties, financing options, deferred payment scenarios and all kinds of other issues unique to buying a business). Drop me a note with your email address and the type of business (sector / industry). If you can't PM me here, send me an email via my website. Some of them can even provide specialist accounting advice if you need it as they maintain those skill sets in-house.

 

[Lawyer James]

Hi Peter

Your starting point would be a solicitor who specialises in Corporate law.

You don't need to contact more than one person at this point; the solicitor should advise you if you need, e.g. employment law advice, and will put you in touch with the relevant person at that point.

Buying a partnership (particularly a Traditional Partnership as opposed to a Limited Partnership or Limited Liability Partnership) can be slightly more complicated than buying shares in a company so the sale and purchase agreement will need to be prepared carefully.

I am a solicitor but Corporate law is not my practice area; happy to put you in touch with someone who can provide you with a quote if that would assist.

Thanks

James

 

[peterdallan]

Thank you everyone. Since corporate law was mentioned I called the solicitors who did my conveyancing and they had a corporate law department that had expertise in the area I am looking to buy into. Peter

 

[Lawyer James]

Excellent, best of luck with the purchase!

 

[DvanBins]

Hey @peterdallan as people have mentioned above, a commercial solicitor who specialises in business purchases and sales will definitely be able to help you out.

If you're looking to find one, feel free to check out my company, Lexoo.co.uk. We're a lawyer comparison site, where you can get fixed-fee quotes from vetted and reviewed solicitors, for free.

Feel free to log an enquiry on our site, or just give us a call on 0203 637 1323 and we'll be happy to help!

All the best,
Daniel

Edit: Just saw that you've reached out to your existing solicitors, if you would like to get some other fixed fee quotes for comparison, to make sure you're getting the best deal and best quality solicitors, feel free to use our service for that!