Sale and Purchase of Business
The sale or purchase of a business often involves complex legal issues. Since the introduction of the GST legislation, proper treatment of the GST implications of a business is one of the first issues to be addressed. In the case of the purchase of a business consideration needs to be given to minimising revenue implications as well as choosing the right purchasing entity or structure.
The purchase of a business involves a wide array of different asset classifications, from "nuts and bolts" assets, to ongoing contracts to liquor licences and a multitude of different franchise arrangements. Intellectual property considerations and employment issues relating to the existing staff are common points of attention in the sale and purchases of the businesses.
Keeping revenue implications to a minimum (including capital gains tax), and there are two reasons why it is important that we work closely with your accountant before contracts for the purchase of a business are entered into. We are able to give you competent advice as one of our principal solicitors is an accredited specialist in business law.