Business Law covers a wide range of legal matters and transactions, many of which can be very complex. Ensuring that you have business lawyers who are experienced in handling such matters for businesses in your industry and who can guide you with commercial, practical and cost-effective advice is vital. Parkston Lawyers has that experience.
Whether you are buying a business, selling a business, buying or selling a franchise or simply wanting advice on the best possible structure for your business, our Business Lawyers can assist you.
The sale of a small business (a business with a value under $450,000 as at December 2019) requires the seller to provide the buyer with a section 52 statement before the buyer signs a contract of sale of business. The section 52 statement, referring to section 52 of the Estate Agents Act, provides a due diligence guide for a buyer and sets out the financial performance of the business during the past two financial years. If you as seller fail to provide a signed section 52 statement to a buyer of your business, the buyer can cancel the contract of sale and recover their deposit.
If you are buying a business, you need to ensure that you conduct detailed due diligence on the business. This involves carefully reviewing the section 52 statement and ensuring that the business has all relevant licences and registrations (including liquor licence, council food premises permit, ASIC business name registration and trade mark registration) to operate the business. Our Business Lawyers can assist you in reviewing the contract of sale of business and section 52 statement and helping with your due diligence.
Our business structuring advice captures both asset protection and succession planning. Our Business Lawyers can provide you with advice on the setting up of companies, trusts, partnerships, franchises and joint ventures.
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