Legal Considerations when Buying a Business
There are numerous issues to be considered when buying a business, regardless of its size. Issues such as lease assignments, websites, stocktakes, due diligence and the accrued entitlements of employees are all areas which must receive due consideration.
When you consider purchasing a business it is the best practice that you receive legal advice before committing to any contractual arrangements. Too often, people execute contracts pertaining to the purchase or sale of a business without understanding how such contracts operate.
Accordingly, pre-contractual advice is important to ensure that you understand your rights, obligations and potential areas of concern before committing to signing any documentation in relation to a proposed business purchase or sale. Forge Legal has decades of knowledge and experience providing the local community with pre-contractual advice, so be sure to contact us before you sign. You may just save yourself the a raft of consequences later on.
Buying a business is one of the biggest life purchases you can make (next to buying a house). As such, taking people on face value without the proper checks and balances is fraught with financial risk. If you are considering purchasing a business, it is imperative that you conduct necessary due diligence to ensure that you understand the nature of the business being purchased and related matters. In a practical sense, engaging in a suitable due diligence process allows the opportunity to investigate relevant aspects of the business, its structure, operations, financials, assets, existing customer/ client base, existing contracts and any relevant liabilities or risk considerations.
In completing this process, it is imperative that prospective purchasers receive advice from an accountant in relation to the business’ books and taxation affairs. As part of the due diligence process, Forge Legal is well placed to order a wide range of searches to help ensure you have an accurate view of what you are paying for.
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Leasing and Employment Considerations
Aside from conducting a wide range of searches to assist in due diligence, Forge Legal can conduct all legal aspects of the sale or purchase from pre-contract advice to settlement. We are also able to assist buyers and sellers alike with assignment of leases to ensure that the transaction does not fall through due to issues often encountered in the assignment process. Contract and employment issues constitute the most complex components of business sales and purchases. Given our solid knowledge and experience of contract and employment law issues, this will enable our team to swiftly execute even the most complex of business sales and purchases.