Legal Things That Matter When Buying A Business

Legal Things That Matter When Buying A Business

Buying a small business is an important decision.

It is a dream that quite a lot of Australians aspire towards.

The ability to walk away from your employer and control your future is an attractive proposition.

It is also a daunting one.

There are a stack of legal and legally related issues in acquiring a business. 

The way into business has different acquisition entry pathways.

The options include;

You can either accept that you need to buy a business from someone else.

Or else you can buy into shares into an existing business.

You may be able to buy into a new or existing franchise

Or you can just set up your business from scratch.

Whichever way you choose you will need to consult with a commercial lawyer who understands small business sooner rather than later.

The legal issues are ones that need to be dealt with holistically and not in piecemeal fashion.

The legal things that matter range from the personal to third party related issues so the diversity of their nature is such that choosing a lawyer that specialises in business law makes real sense.

Legal Things That Matter When Buying A Business

The sort of things you need to think about in preparation for talking with your lawyer includes;

  1. what exactly are you buying
  2. what is the price
  3. when does it have to be paid
  4. is it worth it
  5. how am I going to finance this
  6. do I need an industry consultant to understand the business better
  7. do I need some training
  8. what legal structure do I use to buy it
  9. what equipment comes with it
  10. do I need any licences to operate this business

And so on and so on.

LEGAL THINGS THAT MATTER WHEN BUYING A BUSINESS

Legal Things That Matter When Buying A Business

Every business is different.

We like to discuss the prospective purchase with clients when it becomes clear that the deal is likely to come off.

That way we can start preparing with you the list of issues that need to be dealt with before you sign any contract.

Give us a call now on 9528 0235 for an obligation free chat regarding purchasing a business.

We have two handy office locations in Crows Nest and Jannali to see you if you wish.

Legal Things That Matter When Buying A Business

Here is a useful link below that links to the business government website for those wanting more information regarding buying a business.

Click Here

Below is a link to another article on purchasing a business from our blog.

Click Here

 

Paul Ippolito is Principal of Ippolito Lawyers. He is an experienced commercial lawyer who works with small business owners, both new and established ones. Paul has also lectured for nearly a decade in commercial and corporate law at the NSW College Of Law.

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