When it comes to selling a business, you need expert legal advice and guidance to ensure that the process is handled fairly and that your interests are protected. You may feel tempted to get the process over and done with as soon as possible but this is not the best approach. There are several important aspects to consider when you want to sell your business.
You need to make sure that you consider everything and that you handle the sale of your business as effectively as possible. At Parke Lawyers our corporate lawyers specialise in business law and we support you throughout the entire selling process, to help you protect your assets and handle the sale effectively.
What’s Included in the Transfer
The first task is to identify what it is that is to be offered for sale. Typically, that will include most of the following:
- the business name
- domain name registration and website
- plant and equipment the business uses
- property owned by the business
- assignment of agreements in which the business is involved, including leases and contracts
- client and supplier databases
Determining the Purchase Price
When selling a business, the purchase price is one of the determining factors in terms of the negotiations. When the price has been agreed to, it will be apportioned to plant, equipment or goodwill.
For example, a manufacturing business may apportion a higher percentage of the selling price to the plant and equipment than a service business would. The tax consequences will depend on the manner in which the purchase price was apportioned.
At Parke Lawyers we know that the selling process can be difficult, which is why we provide expert legal assistance and guidance throughout the entire sales process. As specialist business lawyers in Australia, we know how to protect your interests.