could you please proofread the following text and answer the below questions:
This problem has already been solved in the contract made upon establishment of the company – the heir and successor of the firm is John Smith, son of the current owner George Smith. He shall be obliged to perform all agreed contracts upon the take-over of the company.
1) Please check grammar
2) Is it possible to use the word "successor" here meaning that John Smith will continue the business after he inherits the company?
3) Is it possible to use the word "take-over" if the son acquires the company as an inheritance? My dictionary says that "take-over" is used when someone acquires a company through buying the majority of its shares. But maybe it is possible in both cases.
Thank you very very much.