From a legal point of view there are a lot of things to consider when you’re buying a new business. For starters, you need to make sure that the contract of sale is in order and that you’re getting everything that you’re expecting to get.
Similarly, you need to make sure that everything is as it appears on the surface so that you don’t run into problems when you take over the business. An experienced commercial lawyer will be able to help you with everything you need to know when you’re buying your first business and I’d definitely recommend speaking to one.
With this in mind, I’ve put together a short list of the legal considerations you should keep in mind before you buy any new business:
Make Sure Any Building Contracts Are Transferable
If you’re buying a physical business which runs from a specific location, you need to make sure that the premises are included in the sale. Speak with the vendor about this, inspect the sales documents, and consult your commercial lawyer to make sure that everything is above board.
On the other hand, if the premises are leased then you need to speak with the owner to make sure that they’re happy to transfer the lease into your name. Usually they will be, but it’s important to double check.