Before a buyer can enter into a contract to purchase a business it is important to seek advice in relation to the most effective structure to use as the purchasing entity. There can be significant tax savings and other advantages if the correct structure is chosen before a contract is finalised.
Here is the most important piece of advice that your lawyer or accountant may not tell you in time. Are you ready? If you are investing money in the business as you almost always will, then you should make sure that this loan is treated as a loan and not a gift. You can lend this money to the business and secure it with a charge. If you register the charge then your initial investment will be protected forever. If things go bad, then you may be able to get your investment back even before the tax man gets paid.
So our first piece of advice is - "Begin with the end in mind". This will be the cheapest and best insurance against losing your home that you may ever buy so when setting up a business get some good advice and set up this asset protection structure from the start.