Buying and Selling a Business

Buying a Business

Just like buying a home, buying a business is a major investment that often involves significant risk. One of the ways in which you can limit the risk is to consult a lawyer who will guide you through the transaction and point out any pitfalls along the way. In buying a business, there are many issues that need to be considered including: –

  1. The entity that you use to purchase the business;
  2. The requirements of relevant authorities for the transfer of any licences, registrations or permits needed for the operation of the business to you;
  3. The requirements of the landlord for the lease of the business premises to be transferred to you;
  4. Searches of the business, business assets and business owners to ensure that you obtain the business free of any encumbrances and debts;
  5. Preparation of necessary documentation to ensure that you obtain restraints on the seller of business from setting up in competition to you down the street;
  6. Liaising with and franchisor of a franchised business to comply with Franchise Agreements and relevant legislation;
  7. Liaising with brokers, banks and financiers to ensure that your finance is in place for settlement;
  8. Assessment of stamp duty on the purchase of the business and business assets and whether there is any alternatives that may assist in minimising the tax payable by you.

Selling a Business

Once you have obtained a buyer for your business, it is important to ensure that the contract is drafted so as to ensure a smooth conveyance of the business to the new owner. Lewis & McNamara can assist you with all aspects of the conveyance of your business from signing the contract to receiving the cheque at settlement. When selling a business, it is important to ensure that any issues that may arise during the conveyance are identified from the outset, including any requirements for the transfer of licences, registrations or permits necessary for the operation of the business and any issues that may affect the smooth transfer of the business premises. We therefore suggest consulting a lawyer as soon as possible to prepare a plan that deals with all of the possibilities that may arise during the transaction.

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