No. Accurately identify the actual service relationship and its terms.
Use the records for the facts they support
A vendor agreement can explain delivery or administration without establishing an employee relationship. Do not alter labels to make a business plan appear larger.
Ask for records describing the portion you are buying: customer or contract lists, revenue and expense detail, payroll, lease and equipment schedules, tax filings, and any liabilities that follow the assets. Ask the seller for three years of financial statements and tax returns, the payroll register with hours, utility and water accounts, machine counts and service records, and the premises lease. Gather payroll registers, employee rosters with roles and hire dates, any written employment or retention agreements, and the sections of the purchase agreement that address personnel. Include the signed client contracts or letters of intent with values, the job description for the first hire, a quotation from a payroll provider, and the business account statement showing the reserve. Alongside the trail sit the commercial documents, including the signed purchase agreement, the note in its final form, any escrow instructions, leases, and the operating authority and insurance the business will hold.