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 enquiries regarding the Contract and negotiate 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