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Sell Your Business: a Checklist
 
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By Uche Akali, head of corporate legal services at Hallmark Solicitors

For prospective sellers or purchasers of businesses here is a checklist of documents needed to make the whole process that bit much smoother and less time-consuming.

Whilst it would not be possible to produce an exhaustive checklist of each individual transaction, it is hoped that being prepared in this way could, in long run, save you costs.

It pays to be prepared when you buy or sell your business:

1 Documents Specific to Registered Companies and Limited Liability
Partnerships

1.1 Certificate of Incorporation and any certificates of change of name
1.2 Memorandum and Articles of Association of the company
1.3 Names and addresses of the shareholders or members and share certificates
and membership certificates
1.4 Names and addresses of all directors of the company or designated members
1.5 Name and address of the company secretary (if any)
1.6 Statutory Books
1.7 Company Seal (if any)
1.8 Last Annual Return of the company and any changes since that time (it is also
advisable to have ready the last 3 years accounts and financial statements)
1.9 Details of charges including debentures, floating & fixed charges

2 Documents of General Application

2.1 Last 3 years accounts and financial statements
2.2 List of all employees
2.3 Copy of all employment contracts & schedule of current salaries
2.3 Copy of all pension policies relating to employees & details employer/employee
contributions
2.4 Details of banking arrangements and facilities
2.5 Details of securities & collateral given
2.6 Schedule of assets
2.7 Schedule of plants & equipments
2.8 Copy of all intellectual property rights (Patents, registered designs & trademarks,
copyrights)
2.9 Copy of software licenses
2.10 Copy of licenses relating to environmental law & discharge/disposal of waste
2.11 Copy of all other licenses

3 Commercial Agreements

3.1 Copy of all maintenance agreements including computer equipment
3.2 Copy of all other
3.3 Copy of all hire purchase and leasing agreements
3.4 Copy of all other commercial agreements entered into

4 Property-Related Documentation

4.1 Copies of Leases
4.2 Details of Business Rates
4.3 Insurance Policies & up to date Schedules & Receipt for premiums

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ABOUT HALLMARK SOLICITORS

We have solid experience in assisting our clients in the sale and purchase of businesses in every sector, particularly in the hotel and leisure. Our other experience is sale and
purchases of nurseries and childcare care establishments.

We provide a professional yet personalised service to all our clients and their
businesses. Our approach is to listen to our clients objectives and then tailor our services towards their specific requirements in order to meet their goals and achieve the best possible outcome of them.

Furthermore at Hallmark Solicitors we understand the
need for excellence, not only in terms of the quality of advice but also in terms of the service and client care that we provide - which is why we are committed to excellence.

Uche Akali, Head of Corporate Legal Services is available to meet with you on a noobligation
initial consultation to discuss your requirements.