Cosgriff Orchard Legal understands the importance of achieving timely and cost efficient outcomes in the process of the sale or purchase of a business.
There are a number of factors to be taken into account when selling and purchasing a business and our solicitors can ensure that all necessary documents are attended to allow the transaction to proceed quickly and smoothly.
Sale of Business
Generally in a sale of business transaction the purchaser is buying the goodwill in the business, plant and equipment and either freehold or leased premises.
Matters to consider when selling a business sometimes include:
• Drafting and executing an appropriate Contract of Sale of Business;
• Whether the business premises will be sold freehold or a lease transferred;
• Compliance with disclosure requirements;
• GST implications on the sale.
It is fundamentally important that the Contract of Sale contains all the relevant information pertaining to the sale so that both parties remain bound to the Contract after it is signed. Cosgriff Orchard Legal has expertise in preparing the relevant sale documents to ensure that all appropriate licences and permits necessary for running the business are transferred to the purchaser on settlement.
Purchase of Business
The purchase of a business is a significant investment. Matters to consider when purchasing a business include:
• Business Structure, including the entity which will purchase and operate the business;
• The Contract of Sale;
• GST implications on the purchase;
• Revenue issues such as stamp duty and payroll tax
• Your obligations as a new employer
The purchase of a business may also involve obtaining the relevant licenses or permits. For further information on how we can assist with liquor licensing please view Liquor Licensing.