Buying a business

Some common questions about buying a business:

No, but it is strongly advisable that you seek legal advice as the process of buying a business is very complex. If you fail to conduct the appropriate searches and enquiries and have the contract carefully checked, you may find that you have missed a crucial piece of information that might have alerted you to a problem with the business.

Due diligence is about conducting checks on the business you are looking to buy, in order to satisfy yourself that it is what the vendor says it is. Due diligence involves reviewing everything about the business, from its corporate structure, to contracts, employment records, assets and their condition, finance agreements, leases, regulatory licenses and permits, insurance, intellectual property and any other matters that may be relevant to the business’ worth and operations.

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