Questions on Commercial Law
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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 |
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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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