The sad reality is that a considerable fraction of businesses fail – with sometimes harsh and detrimental financial consequences. Before you sign the Contract for the purchase of a business or commercial property, you should satisfy yourself that you have been given quality and comprehensive legal advice from a diligent Commercial Solicitor or Conveyancing Lawyer and that you understand and have minimized the risks associated with the purchase.
However, we know that looking at a purchase from a purely legal angle is not enough to ensure that the buy is a good buy. It is just as important for you to satisfy yourself as to the Business and Commercial aspects and risks of the transaction, which may include (but will not be limited to) the following:-
- the abilities of the purchaser, including their previous experiences in managing a business
- the characteristics of the business or commercial property, such as location, purpose, value and competitors
- whether proper financial records have been kept by the owner
- whether there is enough capital to purchase the property but also to keep it operating for a specific period of time
Before any searches are carried out in respect of a business it is necessary to determine, amongst other things, the nature of the business, the assets to be sold, the business entity that operates the business and the premises from which the business is to be conducted. It will be necessary to search numerous registers with respect to charges over assets of the business including business names and domains, telephone numbers, vehicles, plant and equipment, intellectual property, bankruptcy searches against individual vendors and guarantors, amongst other searches with Government Departments and other bodies and entities.
Our Sydney Conveyancing Lawyers can provide you with legal advice on all applicable searches required for your purchase, whether business or property.
Other than our head office in Sydney CBD, we also have branch offices in Parramatta, Hurstville, Liverpool, Campbelltown, North Sydney, Gordon and Baulkham Hills. For a full list of our office locations, with complete addresses, click on our Locations tab above or contact our main office line on (02) 9233 4048.
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