William JM King, our Commercial Law Partner will work closely with you on sales and purchases of businesses. It is important that at an early stage there is an agreement on heads of terms with the other party to the transaction. This is so that each party is clear about what is to be bought and sold and what other extra matters have been agreed. Once heads of terms have been agreed, then pre-contract enquiries are raised to find out as much information as possible about the company or business. At the same time as these enquiries, draft contracts are produced and negotiated William would go through the contract with you explaining its terms and advising you on the risks and benefits of the contracts as well as recommending amendments to be made. On larger transactions, while pre-contract enquiries are being made, accountants may carry out a separate due diligence operation. We would expect to work closely with your accountants and other professional advisors. It is natural that with the larger transactions, where the financial risk to the buyer and seller is much greater, the amount of work involved is consequently greater, but we will take all steps to simplify the paperwork to ensure that any decision you make, is made with as full an understanding as possible of all its commercial and legal implications.
The business that you buy or form may need a licence for the sale of liquor, entertainment, gaming machines or various other matters. We are able to assist in relation to the application for or transfer of licence under the new Legislation contained in the Licensing Act 2003.
William will help your business to move ahead with confidence.
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