If you're thinking about running your own business, buying a company that's already established may be quicker and easier than starting from scratch.
However, you will need to put time and effort into finding the business that's right for you. Also, the costs involved in buying an existing business can be substantial and should not be underestimated.
This guide takes you through the steps of buying an existing business, including how to assess and value a business, your obligations to any existing staff and where you can get professional help. It also highlights the advantages and disadvantages of buying an existing business.
Structure your business
Name your business
Register your business
Buy a business
- Buy an existing business
- Buy a franchise
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC