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ARE YOU SELLING A BUSINESS? WHAT YOU SHOULD KNOW

Fri, 3 Aug 2018

ARE YOU SELLING A BUSINESS? WHAT YOU SHOULD KNOW

If you are selling your business or are in the process of same, there are many things to consider to ensure that the transaction is smooth and hassle-free.

Obtaining professional legal advice in relation to the sale is crucial to maximise the prospects of a worry free transaction. It may be beneficial to obtain legal advice in relation to:

  • any special conditions that you may want to have drafted to be included in the Contract of Sale;
  • explanation of any representations or warranties you have made or which may be implied in the contract;
  • whether any restraints of trade are stipulated or proposed in the contract, and whether they are reasonable (and what they may mean for you in the future); and/or
  • whether there are any capital gains tax consequences of the sale (this is usually discussed in conjunction with your accountant).

When contemplating entering into a commercial transaction or contract, there are many different areas that you should consider carefully prior to signing, generally with assistance from a lawyer so that you understand the entire agreement.  These areas include (but are not limited to):

-           ensuring that essential clauses are included in any commercial contract or agreement;

-           if specific clauses are required – that they are drafted correctly;

-           advising on any amendments or variations to the contract or agreement;

-           that you understand all of the relevant terms of the agreement including your rights and obligations, the goods or services which are to be provided under the agreement, the amount which is due for payment and any terms of the payment, how long the agreement spans;

-           the grounds for termination of the agreement and the dispute resolution mechanisms in place (if applicable);

-           advice on how the agreement or contract can be enforced should a party be in breach; and

-           assisting with negotiations in the event a dispute arises between the parties.

The Affinity Lawyers commercial law and property team has a deep understanding of and expertise in drafting, negotiating and the completion of complex share sale agreements, which are often conducted for tax planning reasons and can be riskier than straightforward business sales

Feel free to contact one of our friendly Gold Coast Lawyers today on 5563 8970 to discuss your individual needs.

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