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Personal & Business Lawyers

What should I be aware of when starting, buying or selling a business or a franchise?

What should I be aware of when starting, buying or selling a business or a franchise?

Whether you’re a buyer or seller of a business, it is likely to be one of the most important transactions of your life and can involve a number of risks, which could impact you now or in the future. Therefore, it is important you receive the best possible legal and financial advice to guide you through the process and ensure that you are fully informed, getting true value and that your interests are protected. At Nick Xenophon & Co. Lawyers we will work in conjunction with your Accountant or other advisers, to ensure a comprehensive and consistent approach to your important business transaction. It is important that before you make any commitments on your business transaction that you contact our firm early in the process, so that we can review all elements of the proposed transaction and advise you accordingly. This will ensure that your best interests are protected and give you the opportunity to “back out” should we discover something unexpected or unfavourable.

Legal Checklist in Starting-Up Your New Business

We can provide 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, 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 to 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
  • Advise regarding finance or insurance options.
  • Franchise manuals, agreements, related deeds and compliance with Franchise Code

Legal Checklist in the Purchase of Your Business

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.
  • Review and advise your obligations under your Franchise Agreement and any additional documents.
  • Ensure the disclosure document provided to you complies with the Franchising Code of Conduct.
  • Advise you in relation to any negotiations or disputes with the franchisor.
  • Ensure the franchisor’s procedures and requirements do not breach Trade Practices law.
  • Review and advise you on any franchisee sublease or occupancy licences.

Legal Checklist in the Sale of Your Business

We can provide a range of services in 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

No Obligation Free Consultation

Whether you are starting, buying or selling your business, contact us to show you how we can provide practical cost-effective solutions and add value to your business.
We offer you a free no-obligation initial consultation with one of our experienced business lawyers.
You have nothing to lose and everything to gain.