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 a number of 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 business name;
- any equipment that the business uses;
- any property owned by the business;
- any agreements the business is involved in, including leases and contracts;
- the contact details of the business;
- information of all clients.
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 will 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 way that 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 experienced small business lawyers in Australia, we know that your interests need to be protected in the best way possible.
For more information about selling a business in Australia, please contact us.