Hi, I am about to purchase a new business that is not operational at the present time. Therefore I am only purchasing the equipment, some intellectual property which I may not use anyway, as it does not have a good name and the current business name. There is no debt owing on the equipment. What I would like to know is, if the seller and I are able to legally create our own mutually agreed contact of sale under contract law without using the standard business sales contract and the use of a solicitor. The cost of the business is quite small and fairly low risk. To reduce the risk, I could actually purchase the equipment separately, also so it would be classed as a second hand sale of equipment. The current owner is also happy to give me the IP to manage until I can create new names and IP etc.