The purchase or sale of a business or a company involves a number of separate legal transactions and issues. These include the transfer of the ownership (title) of the goodwill and any equipment and may include the transfer of a Lease or alternatively the surrender of an existing Lease and the obtaining of a new Lease. Issues of tax, in particular Capital Gains Tax and Goods and Services Tax need to be covered. Consideration also needs to be given as to whether the transaction can be structured so that it is exempt from some taxes.
Other issues that can arise in respect of a purchase are:
Will the vendor (or if the vendor is a company, its directors)
be bound not to compete with you after your purchase of the business?
Is there a need for an Employment Contract with the staff
and will you require a Partnership Agreement or Shareholder Agreement between
you and others purchasing with you?
In respect of a sale, we can advise you as to the way to apportion the sale price with a view to tax consequences and also the concessions available for small business.
Occupation arrangements for the business premises need special care.
Whether you are buying or selling a business, our experienced lawyers, two of whom are accredited business law specialists, can represent and advise you.
