{"id":176802,"date":"2022-10-11T20:43:27","date_gmt":"2022-10-11T19:43:27","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=176802"},"modified":"2025-07-02T00:38:45","modified_gmt":"2025-07-01T23:38:45","slug":"documents-share-purchase","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/corporations\/documents-share-purchase\/","title":{"rendered":"What Documents Are Needed to Complete a Share Purchase in England?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400\">If you are preparing to purchase another business through a <\/span><a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/share-purchase\/\"><span style=\"font-weight: 400\">share purchase<\/span><\/a><span style=\"font-weight: 400\">, you will need to provide numerous specific documents to make the purchase.<\/span> <span style=\"font-weight: 400\">The process of buying a business through a share purchase is divided into six steps:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>p<span style=\"font-weight: 400\">re-contract;<\/span><\/li><li><span style=\"font-weight: 400\">due diligence;<\/span><\/li><li><span style=\"font-weight: 400\">documentation;<\/span><\/li><li><span style=\"font-weight: 400\">transaction consents and approvals;\u00a0<\/span><\/li><li>c<span style=\"font-weight: 400\">ompletion; and\u00a0<\/span><\/li><li><span style=\"font-weight: 400\">post-completion.\u00a0<\/span><\/li><\/ol>\n\n\n\n<p><span style=\"font-weight: 400\">Each step has a host of documents you should familiarise yourself with before advancing to the next. This article will provide an overview of the various documents that are typical of a share purchase in England.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Pre-Contract<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">The seller and buyer have one overriding objective in the pre-contract stage: to agree on the deal and agree on the essential terms. This includes negotiating items like:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the purchase price;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the structure of the deal;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the general timeline of the deal; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">commercial considerations specific to the target business.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Valuation&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">One of the essential tasks that you, as the buyer, will undertake at this stage is the valuation of the target business. The outcome of the valuation will determine your final negotiating position on the important terms. Therefore, you will likely need to instruct a corporate accounting team to produce a valuation report.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">The nature of the valuation depends on the business, but your financial advisors are likely to use a few different valuation methods. Some approaches include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">market multiple;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">discounted cash-flows;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">net asset valuation; and&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">dividend yields.<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">These valuations will then guide the outcome of the initial negotiations.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Heads of Terms&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">Once you and the seller agree in principle to the critical terms of the deal, your legal team will document this in what is commonly called \u2018<\/span><a href=\"https:\/\/legalvision.co.uk\/corporations\/heads-of-terms\/\"><span style=\"font-weight: 400\">heads of terms<\/span><\/a><span style=\"font-weight: 400\">\u2019. These terms are not typically binding, but there may be additional terms related to matters like cost and exclusivity that will have legal effects.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Confidentiality Agreement<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">Since you will have access to sensitive information on the target business, the seller will likely ask you to sign a confidentiality agreement. While there may be a confidentiality clause in the heads of terms, it is common to have this as a separate document.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">Notably, these agreements will be legally enforceable.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Exclusivity Agreement<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">Entering into a formal share purchase agreement is costly and time-intensive, so you might have your seller sign an exclusivity agreement. This will prevent them from negotiating with other prospective buyers while the formal negotiation and due diligence process is ongoing. If they break the agreement, you can claim against them for costs.\u00a0<\/span><\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2022\/09\/06164254\/uk-startup-manual-290x410-1.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">UK Startup Manual<\/div>\n            <div class=\"body-text\">\n                <p>LegalVision&#8217;s Startup Manual is essential reading material for any startup founder looking to launch and grow a successful startup.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/uk-startup-manual.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Due Diligence&nbsp;<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">Due diligence is the process where you, as the buyer, investigate the target business as thoroughly as possible to uncover anything that might affect the business value or require you to renegotiate critical terms of the deal. It will also enable you and your advisors to agree on the finer points of the transaction.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">Due diligence is a highly vital part of the transaction process. It is also intensively time-consuming and often costly. Many different documents will exchange hands, but in general, we can distinguish between:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">financial due diligence; and&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">legal due diligence.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">Your financial advisors, including your accountants and bankers, will lead the financial aspect, and your legal representatives will conduct the legal due diligence. However, throughout the process, all team members should work together.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">In the end, your advisors will prepare financial and legal reports \u2014 each of which tends to be thorough and lengthy. These will outline all the risks uncovered and give you the information you need to determine your position before the final negotiation stage.&nbsp;<\/span><\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center 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These third parties include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the board of directors for both the buyer and seller;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">shareholder approval for both the buyer and seller;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">regulatory approval, especially competition market authorities; and&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">HMRC clearance for specific tax relief measures.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<p><span style=\"font-weight: 400\">The third parties should comply with all legal formalities, such as passing the appropriate <\/span><a href=\"https:\/\/legalvision.co.uk\/documents\/shareholder-resolution\/\"><span style=\"font-weight: 400\">shareholder resolutions<\/span><\/a><span style=\"font-weight: 400\">. Your legal team should also ensure that any consent is evidenced by board minutes where applicable.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Completion&nbsp;<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Share Purchase Agreement<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">Both parties must sign a <\/span><a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/share-purchase-agreement\/\"><span style=\"font-weight: 400\">share purchase agreement (SPA)<\/span><\/a><span style=\"font-weight: 400\"> to complete the purchase. This legally binding document commits both parties to finalising the purchase agreement. This document will include the following:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"font-weight: 400\">the commercial terms of the agreement;\u00a0<\/span><\/li><li><span style=\"font-weight: 400\">which conditions need to be met for the agreement to complete;\u00a0<\/span><\/li><li><span style=\"font-weight: 400\">representations and warranties (legally binding promises or statements of fact the seller has made to you); and\u00a0<\/span><\/li><li><span style=\"font-weight: 400\">post-completion restrictions (if any) you impose on the seller, such as non-solicitation measures.\u00a0<\/span><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Disclosure Letter&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">A disclosure letter accompanies the SPA and specifies the scale and scope of the representations and warranties. Disclosure letters serve t<\/span>o<span style=\"font-weight: 400\">:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"font-weight: 400\">bolster the legal effect of any warranties and representations the seller makes in the SPA; and\u00a0<\/span><\/li><li><span style=\"font-weight: 400\">encourage the seller to disclose all relevant information in advance of the parties signing the SPA.\u00a0<\/span><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Tax Covenant&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">When you purchase the shares of a company, you acquire the entire business, which may include positive and negative elements. You may wish to have the seller agree to a tax covenant to protect yourself. This is a deed that ensures all the business\u2019 pre-acquisition tax liabilities are matched to the appropriate parties.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Stock Transfer Forms&nbsp;<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400\">Despite the hundreds of documents that you will likely review throughout the process, the stock transfer form \u2014 or share transfer form \u2014 is the only one that is legally necessary. The seller must complete a stock transfer form and transfer it to the buyer to legally transfer the title of the stocks from the seller to the buyer. Following this, the target company\u2019s directors will enter the new shareholders into the company\u2019s registrar of members.&nbsp;<\/span><\/p>\n\n\n\n<div  class=\"box box--icon box--star\">\n    <p>At this point, the sale is legally complete.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Post-Completion&nbsp;<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">There may be certain post-completion formalities you or the seller need to action. These can include:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">public announcements;&nbsp;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">paying any applicable <\/span><a href=\"https:\/\/legalvision.co.uk\/business-sale-purchase\/stamp-duty-for-purchase-of-business\/\"><span style=\"font-weight: 400\">stamp duty on the acquired shares<\/span><\/a><span style=\"font-weight: 400\">;<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Companies House filings and associated administration; and<\/span><\/li><li style=\"font-weight: 400\"><span style=\"font-weight: 400\">compiling copies of all the relevant documents for both you and the seller.&nbsp;<\/span><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Key Takeaways&nbsp;<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400\">If you are buying a business through a share purchase, be prepared to review many documents as the transaction progresses through several stages. You will begin with pre-contract negotiations and end with post-completion documentation. To help, you can instruct a competent deal team of legal and financial advisors who will guide you through the process and handle much of the documentation.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400\">If you need help with completing a share purchase, our experienced <\/span><a href=\"https:\/\/legalvision.com.au\/commercial-and-business-lawyer\/\"><span style=\"font-weight: 400\">commercial lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1665516272187\"><strong class=\"schema-faq-question\"><strong>What documents are needed to complete a share purchase?<\/strong><\/strong> <p class=\"schema-faq-answer\">From a strictly legal perspective, you technically need the seller to complete a stock transfer form, and the business is yours. However, in practice, because buying a business is such a complex and onerous process, hundreds more documents are commercially necessary, such as stock transfer forms and disclosure letters.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1665516294849\"><strong class=\"schema-faq-question\"><strong>What are the stages of a share purchase?<\/strong><\/strong> <p class=\"schema-faq-answer\">There are six main stages of a share purchase: pre-contract; due diligence; documentation; transaction, consents and approvals; completion; and post-completion.\u00a0<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/176802\" \/>            <input value=\"https:\/\/legalvision.co.uk\/corporations\/documents-share-purchase\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What Documents Are Needed to Complete a Share Purchase in England?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you are preparing to purchase another business through a share purchase, you will need to provide numerous specific documents to make the purchase. The process of buying a business through a share purchase is divided into six steps: pre-contract; due diligence; documentation; transaction consents and approvals;\u00a0 completion; and\u00a0 post-completion.\u00a0 Each step has a host<a href=\"https:\/\/legalvision.co.uk\/corporations\/documents-share-purchase\/\">Continue reading <span class=\"sr-only\">&#8220;What Documents Are Needed to Complete a Share Purchase in England?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13522,"featured_media":3196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"2110,174763,174248,1802,3631,2146","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[28],"tags":[20,224,591,1050],"class_list":["post-176802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporations","tag-small-business","tag-share-purchase-agreement","tag-share-value","tag-purchase"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Documents for a Share Purchase in England | LegalVision UK<\/title>\n<meta name=\"description\" content=\"You will need particular documents to make a share purchase. 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