Business solicitor services
We offer a business valuation service to help business owners to understand exactly what their business is worth and what they are selling to potential buyers.
Employment Law & Contracts
When you’re in the process of selling a business, you need to consider the employees who will be affected. When a business is sold, employees are usually protected by the Transfer of Undertakings Protection & Employment regulations (TUPE).
Under TUPE, the following will apply:
Employees will be transferred to the new company.
Employees’ employment terms and conditions will be transferred over.
Employment will remain intact.
Our expert solicitors will provide legal advice regarding employment law and contracts, helping to guide you through the process.
Business Sales Tax
When you sell your business, you need to be aware of your tax liabilities as this can influence how much you have to gain from selling your business and how you can make sure you get the best financial deal possible when you sell.
When you sell a business, tax considerations include Capital Gains Tax (CGT), Business Asset Disposal Relief (BADR) and corporation tax.
Our solicitors will work out your tax liabilities and make sure that all tax relief options that are available to you are explored.
When it comes to documentation involved in the selling process, you should be able to provide warranties that prove that the information you have provided about the business is accurate and truthful.
Sellers should provide warranties to buyers that will protect them from having a transaction fall through and have the possibility of a seller having to pay compensation for breaching its warranties.
At Silk Letting Ltd, our solicitors will draft up warranties that contain important provisions to prevent expensive disputes from occurring. For instance, any claims that the buyer makes must be brought forward to attention in a specific time period and compensation is capped.
The sales agreement is the final step of sealing the deal and it is extremely important to limit any exposure to risk and liabilities.
Our solicitors will draft and/or review the terms of your sales agreement. We will go over the meanings of the terms, identify risks and negotiate on your behalf to protect you from running into legal issues.
A non-disclosure agreement will protect the business and any confidential information from unwarranted access. Confidential information may include manufacturing details, customer and supplier personal information, business strategies etc.
If a buyer uses confidential information about your business to their commercial advantage, then it will be in breach of the NDA and this may allow you to take legal action against them.
Our solicitors can help to draft up and review confidentiality agreements to deter anyone from taking advantage of any disclosed information.
Why Choose Silk Letting Ltd For Your Business Sale Solicitor?
With years of valuable hands-on experience dealing with the buying and selling processes of businesses, our business sale solicitors at Silk Letting Ltd can provide practical, helpful advice for sellers in the process of sealing the deal.
We want to make sure that transactions go as smoothly as possible and keep your commercial interests protected at all costs.
Our team at Silk Letting Ltd have offered their expertise to thousands of businesses across the UK, tailoring advice and support to suit your unique business needs and make sure that you maximise your business value.
Get in touch today to find out more about how our solicitors can help you to make the most out of your sale.Speak with the team
Business Sale Specialists For A Smooth Business Exit. Save Time & Money.
Reasons To Use One Of Our Preferred Solicitors :
- Buying and selling businesses is all that we do so we are the best place to help you achieve a successful sale in the shortest possible time therefore we will select solicitors with the same values to work on your behalf.
- Our selected solicitors bring many years’ hands-on experience to the table, which results in a knowledgeable, efficient and pragmatic commercial approach to your business sale.
- All our solicitors are known as deal makers.
- You will have direct contact with one solicitor dedicated to your sale.
- They will give you a fixed price for their work at the outset.
- When you use one of our recommended solicitors, we will give you £200 cash back on your fees, or a £100 voucher.*
Terms and Conditions Apply*
Subject to these Terms & Conditions you will be eligible to receive a cashback reward.
All cash back will be paid after the sale of the business and after one month after the completion of sale, when you have made payment in full to the solicitors. All cash back payments are subject to our terms and conditions which can be found on our terms and conditions page on this website.
Frequently asked questions
Can’t find what you are looking for? Feel free to get in touch with our team to discuss any questions you may have
How long does it take to sell a business?
Most businesses can be sold within 6 to 9 months but this can vary depending on external factors. If you are thinking of selling your business, the earlier you start putting things in motion the better. Your solicitors will need enough time to plan a comprehensive strategy to prepare your business for sale.
Is it easy to sell a business?
The process of selling a business might seem daunting and it certainly has its hurdles and complications. However, our solicitors can offer the much needed advice and support to guide you through the process and maximise your chances of success. Get in touch today to find out more.
Do I need a solicitor to sell my business?
You are not obligated to use a solicitor to sell your business but it is highly recommended. The process of selling a business is complicated and a solicitor can make sure that you are fulfilling all of your contractual and legal obligations in preparation for the sale.
What does a solicitor do when buying and selling a business?
A solicitor will prepare and negotiate agreements, draft contracts and perform due diligence. They will make sure that all your contracts with employees, customers and suppliers up to date and warranties are in place.
What does due diligence mean when selling a business?
Due diligence is a process where a buyer requests documents and information to review during the transaction and negotiation process. Our solicitors at Silk Letting Ltd can manage due diligence responsibilities on behalf of the seller.
Due diligence is a process of eliminating or minimising risk associated with the transaction. The buyer will want evidence that the seller is providing accurate, truthful information in the form of data and confidential documents.
What legal documents do I need to sell my business?
Some of the typical legal documents required to sell your business will include confidentiality agreements, inventory lists and financial statements from up to three years prior. For more information about legal documents during a selling, get in touch to speak to our solicitors.
How much tax do you pay when you sell a business?
How much tax you will need to pay when you sell a business will depend whether you are a business partner, director or sole trader. It will also vary depending on the type of sale. For instance, if you are selling a business on its own or with its assets included.
Our solicitors can assess your business and bespoke circumstances in order to determine your tax liabilities and can outline the tax relief options available to you.