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When you buy a business you’re buying not only things such as stock, tools, and fixtures and fittings, but also the intellectual property, such as custom computer software, copyright registrations, distribution agreements, domain names, information databases (including customer lists), licences, patents, secret formulas and trademarks.

Check the ownership of any intellectual property that you’re buying. For example, when buying a business and its associated domain name (in other words, the name of its website), make sure ownership of the domain name is transferred across to you. With trademarks, make sure a third party doesn’t have an interest in the asset or that a loan isn’t held over the trademark. Or on the flipside, if trademarks don’t exist, ensure that no impediments will emerge for you registering protection for these assets.