If you are buying or selling a business, GM Lawyers is able to attend to a range of important issues from contract preparation to ensuring that all necessary steps are taken to enable a valid transfer of the business assets. In drafting a contract, there are a multitude of considerations and the rights of the buyer and seller have to be thoroughly spelt out. For instance –
- are staff going or staying, and if they are staying who has the responsibility for any leave or other entitlements they may possess.
- What rights does the buyer have to satisfy themselves as to the financial viability of the lease.
- What obligation does the seller have to obtain the Landlord’s consent to the sale of the business.
- What is the agreement of the parties in relation to the treatment of creditors, debtors, GST.
- Does the buyer pay extra for stock.
- How is the purchase price apportioned between inventory, stock, goodwill etc.
- What is the seller’s future exposure to the Landlord if the buyer doesn’t fulfil their obligations under the lease.
These are only a handful of many considerations, all of which GM Lawyers is able to address on your behalf.