Katoomba Conveyancing prepares Business Contracts for the Sale of business as well as provide advice relating to the Sale. For a purchase of a business we will on your behalf make all the required enquiries regarding the Contract as well as negotiating the terms of the Contract.
Business conveyancing checklist
Before you buy or sell a business you need to consider many aspects beyond the purchase/sale price. Some of these concerns include:
- Is a stocktake required? Who will conduct it, and when?
- Is there any restraint of trade?
- What will happen to existing staff, their superannuation, leave and WorkCover requirements?
- What sort of insurance do you already have in place? What does it cover; fixtures and fittings or the building? Do you require additional insurance?
- Are you aware of the Compliance issues at a local, state, and federal government levels?
- Do you require assignment, transfer or preparation of a new lease?
- The transfer of the business name also needs to include phone numbers and/or online properties such as websites or social media pages.
- Does purchasing the business require transfers or licences such as liquor licences, council permits or motor vehicle licences?
- How will you finance the purchase? Options include taking out a business loan, borrowing against other property, debenture, and bill of sale.
- Are there GST implications to consider?
We do not provide financial advice as to the viability of the business - this advice should be obtained by you from your accountant.
The Department of Fair Trading provides extensive information on conveyancing for a multitude of different businesses. For more information www.fairtrading.nsw.gov.au