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Some start a business from the ground up, just as others start a company from the ground up. However, there are times when you may be tempted to simply acquire (sometimes take over) a company (UAB or MB) that is no longer (in)operating (sometimes for free). Here are some of the main reasons for this decision:
✔need a company here and now;
✔you need a company with a "history";
✔you need a company registered in a specific location;
✔the real business you want to take over and continue.
There can be many reasons, so I have listed the main ones. In some cases, this is a good choice, but here it is very important not to rush headlong into buying. Yes, everyone selling a company will make sure that the company is really "clean", that everything is in order, that there are no leftovers or other things that could cause problems. However, as practice shows, it is very rare for companies to be really "clean", and all the oaths are just to get rid of the company as quickly as possible and to put all the worries on someone else's shoulders.
Therefore, if you want to buy a really tidy company and sleep soundly without any unpleasant surprises, you should at least do the following minimum steps before buying:
1. Ask for the company's accounting records and balances for the current and previous year;
2. Review this data with the financial officer, noting the following:
- whether the company owes money to anyone or has any other outstanding commitments. Remember that all debts will have to be repaid by the new owner;
- whether the company has a cash balance on its balance sheet. It is likely that this cash balance will not be transferred to the new owner, even though it will technically belong to him;
- whether the accounts have been kept in good order, whether the financial statements have been submitted to the Centre of Registers (available in a public search) and whether there are any arrears to the Inland Revenue or to the Social Insurance Institution (ask for reconciliation certificates);
- When the sale and purchase documents are signed, it is necessary to record exactly what accounting data is transferred to, and accepted by, the new buyer with the new company.
All of these steps are really not complicated. Don't spare the time to do them, otherwise you risk a lot of unpleasantness when you buy a company to add on.
Before booking a consultation with a specialist, please write your question.
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