Buying an existing business can be a smart way to become a business owner without all the risk of starting a business from scratch. However, do not think there is no risk in acquiring a business. You could run into a string of potential problems. Some problems can be prevented, and some simply cannot be.
Certain activities related to the construction, repair or renovation of real property require a contractor's license. Virginia Code § 54.1-1100 defines a "Contractor" as follows: