When selling your company to a new buyer, disclosure has to be given to them as to all aspects of the company so that they can make the purchase knowing exactly what they are getting into.
Therefore it is a good idea to start compiling all of the relevant documents beforehand so that the transaction can not only progress smoother but also so that you can paid quicker.
So what documents/information should you get ready, below is a quick list:
- Information relating to the company such as company name, directors names, registered office and company number.
- Companies house documents
- Board minutes, deciding that the business is to be sold
- Information regarding any shares of the company
- All accounts for the company
- Details of the company’s finances e.g. banks used for the company, any loans or debts that the company has,
- Information/documents of any legal action that has been taken against the company or is currently being taken.
- Any contracts the company has with other parties
- A list of customers and suppliers
- Any assets or stock the company has
- Any intellectual property the company has e.g. trademarks
- Social media pages
- Any insurance policies
- Employee records
- Any company benefits offered
- Any properties associated with the company
- Tax and Vat information
The above may seem like a lot but remember that selling a company is no easy feat and it is important to get it right as the last thing you want is to be sued later down the line for not giving full disclosure.
For further information about selling a company, check out some of our other posts or alternatively give us a call on 0207 242 5462, if you rather contact us by email then please use hello@alison-law.co.uk or contact us here: https://www.parkerthomas.co.uk/contact/
