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Taking over a business

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asked on Oct 19, 2018 at 12:52
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edited on Nov 8, 2018 at 23:28
 
I would appreciate advise on this situation. 

I’m looking to take over an existing cafe. Should I :

1. Take over the company (even if it doesn’t have debts / liabilities) or start a new company?

2. To do due diligence on their accounts to show the profit margin claimed by the existing owner, should I hire a lawyer or a company secretary? Any recommendations?

3. If I were to enter into partnership with the existing owner in return for % of profit monthly, how can this be documented?
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1 Answers

answered on Oct 19, 2018 at 13:33
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edited Nov 8, 2018 at 23:29
 
Personal Opinions

1.  How can you verify there are no Contingent Liabilities. Not easy to fully take over if the owner / landlord do not want to sign a new lease with you.

2.  Lawyers are not accountants, vice versa. If it is a Sendirian Berhad, get more info from the company secretary. Alternatively, engage a financial analyst to evaluate the financial health of the business entity.

3.  Go to Suruhanjaya Syarikat Malaysia (SSM) and add your name to the business entity.
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