Buying a limited company
When you buy or sell a limited company there are several formalities to ensure a smooth transition. You will also be responsible for ensuring that Companies House is updated and that statutory requirements are followed, as failure to do so might result in a fine.
On a standard business purchase you will be required to carry out most (if not all) of the following:
- Drafting and negotiating a Share Purchase Agreement
- Drafting and negotiating Guarantees and / or charges
- Review the title or lease to the business premise
- Drafting and completing Stock Transfer Forms
- Drafting the required Board minutes and Resolutions
- Drafting the paperwork in relation to the resignation of Directors and Company Secretary
- Drafting the paperwork in relation to the resignation of Employees
- Drafting the paperwork in relation to a change of the Company’s Registered Office
- Drafting the Powers of Attorney so that you can exercise the powers associated with the acquired shares from day one
- Drafting and negotiating the Shareholders Agreement
- Drafting the PSC letter (to remove the seller as a person with significant control in relation to the Company)
- Drafting Indemnities in relation to lost share certificate(s)
- Drafting the paperwork to appoint new Directors
- Submitting Priority Searches pending registration of Company Property
- Submitting the forms to Companies House within 14 days of completion (e.g. forms TM01, TM02, AD01, AP01, AP03, STF, SH03, SH06 and PSC)
- Registration of the lease within 30 days of completion (in the case of a new lease)
- Registration of charges and / or debentures at Companies House within 15 days of completion
- Paying Stamp Duty Land Tax on any property transaction within 30 days
- Paying Stamp Duty on the purchased shares within 30 days
Our team of commercial solicitors is here to handle all these matters for you with the minimum of fuss. Simply agree the terms of your business deal and we will document everything for you. We will also report on the main issues and ensure you’re are fully briefed on the key elements prior to completion.
For advice on all aspects of commercial law, please call our specialist teams in Halifax (01422 339600) or Huddersfield (01484 483800) or complete our online enquiry form and we’ll be in touch.