UK Answer. You are obliged to take on the current staff under TUPE regulations. All debts must be paid by the current owner. You start debt free on day 1.

You won't be making a profit from day 1 as you will have bills to pay every month.

What duties : You own and run a business the way you want.

UK

Employees are under no obligation. Most will want to continue working at the same job for the same pay. Often times new owners shake things up and streamline processes and people - very disruptive to employees. Sometimes the buy-sell agreement has conditions requiring the former owners to work for some period of time, or to not open a competing business for a period of time.

At the date of closing for the sale, the new owner(s) acquire all of the income, expenses, taxes, and governmental regulations associated with the business.

you become a slave of the gov

Here are my questions I have about buying business's. I am really interested in this topic.

Do the same people that work there stay? & All the profit goes straight to the guy that bought the business?

Someone explain? What are the duties of the person that buys the business?