What type of contracts are needed and superfluous paperwork surrounded by writ for me to acquire a business?

Answers: I hope that the first thing that you hold already done is get a tangible look at finances of the business. A standard P&L is not a true picture of Cash Flow.
Fixed Expenses. (These are absolute habitual expenses)
Descretionary expenses, (Owner draw included here).
Lease and length.

Take an inventory count. Do not take estimates or another's count.
You'll want to cut the value of any matured or undesirable merchandise. There may be some that should be zero. You'll enjoy to negotiate in some cases.
Fashion merchandise is critical surrounded by this respect.

If this is a retail store, you should have some agreement on "customer complaints", or "adjustments" for which you may be of a mind to accept for a set length of time.
(1 year or less)

Be solid that you will not be responsible for ANY TAXES, liens, or debts that are his obligations.
If you assume any, at lowest do it with full experience.
Accounts receivable has to be considered.

If a service business, you call for protection on retaining clents.

WRITE THIS DOWN!
You must have an agreement, within writing, that the seller WILL NOT break open a similar or competitive business.
NOT in impossible to tell apart city.
Not within a set distance...conceivably 100 miles, or close enough to recapture "your" customers or clients.

You should enjoy an attorney draw up a legal and binding contract.
Protect yourself. It is money capably spent.

Good luck.
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