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Last Commercial Law Question:

Buying a business in Spain: what do I need to bear in mind?

Commercial Law

Francisco Garcia Ramirez

20th of March 2001
Q. Buying a Business - How difficult is it? Do you still have to have a Spanish Partner?

L. Smith
Swansea

    A. Buying a business is not difficult in Spain, and you certainly do not need a Spanish partner. What is required is a lawyer checking the legalities and a good research as to the projected income of that ongoing business.

    You will have to check, if possible, what is the gross and net income of that business, by means of the tax returns and accounting books. Sometiems this will not show the actual income, as especially in restaurants and bars not all the amounts are declared to the taxman. This will depend largely on the type of tax assesment method chosen. Previous liabilities and debts have to be also taken into account.

    A lawyer and an accountant working together should ensure that you are buying free from legal risk. The commercial risk is obviously to be dealt with by the investor.
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