Buying and Selling of Businesses
Things you should know
- As a purchaser you can purchase the company which owns a business, or instead purchase the business of the company – these are different transactions with important outcomes.
- As a seller you need to be careful about your warranties.
- You often require licenses to operate a business.
- Your business structure may expose you to personal liability.
- Warranties provided by sellers can protect the purchaser – for example, in a purchase of a corporation against undisclosed transactions that cause later tax implications.
- A restraint of trade clause may offer protection for a purchaser, by restricting the seller’s ability to open a similar business nearby.
The Mulally Mylott Difference:
- We provide a full-circle service, built on our experience helping business owners in deciding their structure over many industry groups.
- We have extensive experience with franchises acting for a number of franchisors and franchisees in areas such as food outlets and motor dealership.
- Our expertise covers a wide range of industries; including wine, printing, packaging, medical, legal, sole traders, shop, fashion.
Why would you need this service?
Buying or selling a business is a complicated process.
- Issues of business structure, taxation and liability are all critical matters to be addressed before a contract is entered into.
- Do you realize that as a seller of a business you may be better off financially selling the company that owns it.
- Do you realize that buying a business in your own name could put your other assets such as your family home at risk.
- You need to understand the risks and benefits of the decisions you make to ensure that you sell your business in the safest and most financially prudent manner or that you enter into the business best equipped to make it a success.
As your lawyer we can help you achieve the best possible outcome.