Purchasing, Operating & Selling a Business
Purchasing a Business
If you are buying a business Clelands can advise you on your legal rights and obligations. Clelands will help you to properly consider the issues associated with purchasing a business such as:
- Approvals - What local government or other approvals are needed before the business can be transferred to you or operated by you
- Contract - Does the purchase contract include adequate provisions to ensure that you receive what you intend to receive and protect your investment?
- Location - Does the business have a right to stay in its present location (eg. is there a valid lease)
- Work Health & Safety - Does the business comply with Work Health and Safety Regulations
- Seller's Restraint - Is your investment adequately protected by ensuring that the Seller cannot approach your clients or customers or set up next door in opposition to you?
- Taxation - In running the business what (if any) stamp duty, capital gains tax and employee payments will you need to meet
Clelands advice on the above (and other) matters is part of the due diligence process which you should undertake before deciding whether to buy the business
Operating a Business
Clelands can advise you with respect to many day to day issues which arise in the course of operating a business. Some of the matters which Clelands can advise you on include:
- Employment Law - Awards, unions, safety standards and dealing with your employees
- Insurance - Workers compensation, fire, accident, public liability, professional liability and indemnity
- Premises - Ready and explaining your rights and obligations under your lease
- Product Law - Patents, trademarks, copyright, supply contracts, franchising and licensing
- Taxation - GST, payroll tax, capital gains tax
- Trade Secrets - Agreements and other measures to ensure that any information confidential to your business is kept confidential
Selling a Business
If you are selling a business Clelands can assist you through:
- Advising on the most effective means of structuring the sale to reduce the likelihood of incurring any unnecessary tax
- Providing documentation to record the wishes of both the buyer and seller
- Ensuring that you as the seller do not, in the sale of the business incur any ongoing obligations which are not in your interest.