In this chapter, we will look at the issues that can arise upon the purchase or sale of a business and highlight the common pitfalls that may occur in the process.
We will look at the transaction from both the buyers’ and the sellers’ viewpoint and note the conflicts that may arise between the two.
The impact the transaction will have upon the business owner’s taxation position will be outlined only briefly at this stage, with further detail provided in Chapter 6, when taxation will be looked at in detail.
Rather than setting up a business from scratch, there is always the option of buying an existing business that is up for sale. As this will provide an income from the date of takeover, it is a better ...
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