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PURCHASING A BUSINESS - WHAT SHOULD YOU KNOW?

Wed, 4 Jul 2018

PURCHASING A BUSINESS - WHAT SHOULD YOU KNOW?

If you are looking at purchasing a business or are in the process of same, there are a few things you should consider:

  • are there any specific terms that you wish to include in the Contract/offer, or are there terms already in the Contract/Offer which you need clarification on before signing;
  • what is the most appropriate entity in which to purchase the business for asset protection and tax minimisation;
  • does there need to be a clause inserted to restrain the seller or other key staff from competing against you in the future;
  • are there any encumbrances over the assets of the business or the business itself which you should be aware of;
  • what is the range of special conditions that can be incorporated into the contract to deal with a variety of matters.

If there is a lease attached (commonly the case), Affinity Lawyers is able to liaise with the seller and the landlord to ensure that the lease to the premises is correctly assigned to you, or we can discuss options for an offer of a put and call option to purchase the freehold.

The property and franchising team at Affinity Lawyers is experienced in this area of law, and is able to assist you from beginning to end of the transaction for your business purchase.

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 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/or

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

Our Gold Coast Lawyers are well placed to advise you in relation to a proposed contract or agreement, including assessing the impact of any changes made to your existing business, possible tax ramifications of expanding your business nationally, and many other factors.  Feel free to contact one of our friendly lawyers today on 5563 8970 to discuss your individual needs.

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