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Purchase of Partnership Business
Buying a business from a partnership is different to buying a company
The main reason for this is that the partners of a partnership will want to sell the whole business as a going concern. In this way the goodwill of the partnership is preserved. Goodwill is often a valuable part of the partnership business.
Whereas it is possible to sell off parts of a partnership it is not advisable as the core value of the business tends to be lost.
In many partnerships you will find that there are key people who form an integral part of the business in addition to the client base. You will want to make sure:
- that these key people remain with the business
- co-operate for a certain period of time
- help with the handover of the client base
- do not set up in competition with you
- comply with restrictions you might need to impose
At Hart Brown our specialists will help you think through what you need to cover when buying a business so your interests are protected. We will make sure this is fully covered in your agreement.
To speak to someone who can advise on the purchase of a partnership business or any other legal matters relating to your business call, email or request a call back from one of our specialist lawyers.