There are many legal issues to consider whether you are either buying or selling a business or leases.
“Research and planning are required when establishing or buying a business and care is also needed when selling one!”
You should ensure you investigate the nature of the premises and the suitability and terms of any lease to be entered into.
Other Issues to consider:
- The structure of the business whether a sole trader, partnership, company or trust;
- The appropriateness of the business name;
- The financing set up; and
- Funding options.
You should ensure you carry out a proper study of the prospects of the business you plan to establish or buy and consult a properly qualified Accountant to assist you with a business plan and setting up of the new business and investigation of the books of the business you propose to buy.
An Accountant will also help you with advice on your bookkeeping needs if you are new to business and requirements for taxation reporting.
Any contract to buy should be subject to a due diligence investigation entitling you to ensure all aspects of the proposed business including its past performance are satisfactory.
The material in this publication contains no advice and provides a general guide and information only. Readers should not act on the basis of any material in this publication without obtaining specific expert, professional advice about their own particular situation.
Terry Anderson Solicitor expressly disclaims any liability whatsoever to any persons with respect to any action taken in reliance on the contents of this publication.