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Personal & Business Lawyers

Buy – Sell – Start Your Business

Starting-Up, Buying or Selling a Business

Commercial Lawyers and Business Lawyers, Adelaide

Whether you’re starting a new business, buying an existing business or selling your own business, it is likely to be one of the most important transactions in your life. It can involve a number of risks both legal and financial, which could have a major impact upon you now or at some point into the future.

At Nick Xenophon and Co. Lawyers in Adelaide, our commercial lawyers and business lawyers have the experience and legal expertise to guide you on all aspects of the business transaction. We will help to ensure that you are fully informed and getting true value, and that your interests are protected so that the final decision you reach is the right one. We can advise, prepare, negotiate, and manage all or any part of the process, including:

  • Heads of agreement
  • Business sale contract
  • Due diligence
  • Warranties
  • Directors guarantees
  • GST, CGT, stamp duty and other costs
  • Lease assignment
  • Transfer of employee entitlements and your liability
  • Transfer of assets and stock valuation
  • Conveyancing and settlement adjustments
  • Debts and receivables
  • Licenses or franchise rights
  • Restraint of trade
  • Intellectual property
  • Training and hand-over periods

A commercial and business lawyer from Nick Xenophon & Co. can work in conjunction with your Accountant to ensure a consistent, efficient and effective approach to your important business transaction.

Buying a Business

Buying a business or franchise involves many aspects that you may be unaware of, and can be a minefield even for the most experienced business people. Our commercial and business lawyers at Nick Xenophon and Co. can assist you in ensuring that all the important legal issues are satisfied, and that your interests are protected.

Once you have decided on the business you wish to purchase, you should contact our firm prior to signing any documents committing you to anything. This gives us the opportunity to assess all elements of the proposed transaction and advise you accordingly. It also gives you the opportunity to ‘back out’ if you discover something unexpected or unfavourable.

However, even if you have already executed a contract or other document we can still assist in giving you a better understanding of what the transaction will involve and will help you to best protect your interests.

Legal Checklist in the Purchase of Your Business

Purchasing a business for many people is a fulfilment of their dreams and aspirations. To ensure that the process is as stress free as possible and give you the edge to purchase with confidence, Nick Xenophon and Co. Lawyers will work with you and your Accountant from offer to settlement to ensure from a legal perspective that that you are indeed purchasing what you thought, that there no unexpected surprises and that your rights are protected.

We can provide a range of services in the purchase of your business, including:

  • Prepare, review and negotiate Letters of Intent, Agreements and Contracts to purchase a business.
  • Assist you (and in conjunction with your Accountant) in completing due diligence on the business.
  • Title searches of any property to confirm the true proprietor and reveal any mortgages.
  • Company searches of the vendor company to reveal any charges over the company assets which you may be purchasing.
  • Rates certificates searches to ascertain whether the rates have been paid as disclosed by the vendor.
  • Vehicle Security Register searches to reveal the title and registration of any vehicle you may purchase as part of the business.
  • Review any other contracts of the business, including lease of premises.
  • Obtaining the necessary consents of transfers from landlords, franchisors or industry bodies.
  • Review your contract to ensure it adequately protects your interests and negotiate for the inclusion or removal of clauses as necessary.
  • Identifying, protecting and registering your intellectual property.
  • Advise you in relation to dealing with employees whether they are transferred from the previous business owner, terminated or new.
  • Advise on any further obligations you may have such as transferring the business name to you, registering for an ABN or for GST. They will acquire the necessary licenses or permits to run the business, ensuring compliance with any obligations you have.
  • Advise on effective business and legal structures.
  • Advise whether the proposed Restraints of Trade are appropriate.
  • Advise regarding finance or insurance options.
  • If the business is a franchise there are additional issues to consider. Please see Franchise Section.

Selling a Business

After all the hard work and effort you have put into getting your business where it is today, when the time comes to sell you need to make sure that you achieve the possible outcome.

The commercial and business lawyers at Nick Xenophon and Co. can provide you with the expert legal advice to ensure that you get the best deal you can, your rights are protected, and you do not leave yourself open to any unforeseen future liabilities.

The process can be complex, time-consuming and stressful for many business owners, particularly as you are required to continue running your business seamlessly, while being subjected to the added pressures of negotiations, contracts, due diligence, as well as managing staff, customer and supplier expectations.

Having Nick Xenophon and Co. Lawyers on your team, advising and guiding you on all aspects of the proposed transaction will ensure minimal stress and disruption to you and your business while helping you achieve maximum value from the transaction.

Legal Checklist in the Sale of Your Business

Our commercial lawyers and business lawyers in Adelaide can provide a range of services pertaining to the sale of your business, including:

  • Review Agents Agreement
  • Review Information Memorandum for your business
  • Prepare, review and negotiate Letters of Intent, Agreements and Contracts to sell your business
  • Organise transfer of leases, property, other assets and Intellectual Property in the sale
  • Advise you in conjunction with your Accountant, GST, CGT and other tax and duties considerations
  • Advise you in relation to dealing with your employees whether they are proposed to be transferred to the new business owner or terminated.
  • Advise whether the purchasers proposed Restraints of Trade are appropriate.
  • Advise on any potential contingent liabilities which may remain with you after the sale

Starting a Business

So you have decided to set up a new business. Congratulations! For many people, starting a business is the realisation of a lifetime goal. Let the commercial and business lawyers at Nick Xenophon and Co. guide you through what can be a complex maze, to ensure that you start off with minimal stress and the best possible chance of success.

Legal Checklist in Starting-Up Your New Business

Getting the right advice can be an important factor in determining whether your business becomes a success. Not being aware of the legislative requirements and regulations can expose you and your business to significant penalties.

Here at Nick Xenophon and Co. in Adelaide, our commercial and business lawyers can provide you with a range of services to assist you in starting your new business, including:

  • Advise on effective business and legal structures.
  • Negotiating and purchasing property purchases.
  • Negotiating and advising on various business contracts including lease of premises.
  • Advise you in relation to hiring employees or contractors and your obligations.
  • In conjunction with your Accountant, advise on registering for business name search service, domain name, ABN, PAYG, GST and Workers Compensation.
  • Advise on whether you should also register your business name as a trademark.
  • Identifying, protecting and registering your intellectual property
  • Advise on license and permit requirements.
  • Advise on your Work, Health and Safety obligations.
  • Advise you on Privacy Act obligations
  • Advise you on how the Competition and Consumer Act 2010 Act and the Australian Consumer Law apply yo our business
  • Advise you on mandatory and voluntary Industry and Australian Standards
  • Advise you on your legal and business obligations of running a home-based business
  • Develop new or review existing customer or supplier contracts and templates.
  • Advise on how to mitigate or minimise risk for your business – See Protecting Your Business section
  • Advise regarding finance or insurance options.

Free No-Obligation Consultation

Starting, selling or purchasing a business is a serious financial and lifestyle consideration and will be one of the most important decisions you make. It can be a complex process and if not properly managed with the assistance of professional legal advice, it can cost you dearly and result in unintended consequences. To give you piece of mind, we offer you a free and no-obligation initial consultation with one of our experienced business, commercial or corporate solicitors and lawyers to discuss the setup, sale or purchase of a business and how we may be able to assist you achieve your goals.

Call us now to talk about your Buying, Selling, or Starting a Business on a no obligation basis.

You have nothing to lose and everything to gain.

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For a lawyer in Adelaide that you can depend on, look no further than Nick Xenophon and Co. Lawyers. Our areas of expertise include personal injury and public liability claims, workers’ compensation, motor vehicle accidents, medical negligence claims, will preparation, business and commercial law, franchise law and commercial litigation.