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Buying an Existing Business

Posted on: 15th Jan 2015

It's much easier to buy an existing business than start a new one from scratch and it's also less of a risk. The paperwork for taking over an existing business is also simpler, although still complex. Note, however, that buying a business that's a going concern is difficult, as most people aren't in a habit of buying and selling businesses, which are usually passed down from generation to generation. If you plan to buy a business, obtain an independent valuation (or two) and employ an accountant to audit the books.

            Never sign anything that you don't understand 110 per cent, and even if you think you understand it, you should still obtain unbiased professional advice, e.g. from local experts such as banks and accountants.

            In fact, it's best not to start a business at all until you have the infrastructure in place, including an accountant, lawyer and banking facilities. There are various ways to set up a small business and it's essential to obtain professional advice regarding the best method of establishing and registering a business abroad, which can dramatically affect your tax position. It's also important to employ an accountant to do your books.

 

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