29 Oct Challenges and considerations of setting up, purchasing and selling a small business
When setting up, purchasing or selling a small business there are a number of factors to be considered.
Besides choosing the type of business, a business name or a selling Agent, it is important to consider the following:
- Business structures in which to operate the business such as a Proprietary Limited Company, a Partnership, a trust or a sole trader;
- Undertaking due diligence in order to understand the risks associated with running a business, purchasing or selling a business and mitigating those risks;
- Contracts of sale;
- Business assets;
- Business contracts with customers and suppliers;
- Licence Agreements;
- Intellectual Property;
- Legal obligations and roles of key people within the business such as directors and partners;
- Determining a reasonable valuation of the business;
- Employment contracts;
- Taxation compliance;
- Loans and securities;
- Shareholder Agreements
Obtaining sound advice will be a key factor that helps alleviate the stress when dealing with the unknown. At Aston Legal Group we work closely with Accountants, Financial Advisers, and Selling Agents to minimise risks, increase transparency and efficiency to help you make informed decisions when setting up, purchasing or selling a business.
If you wish to discuss setting up, purchasing or selling a business please contact our team on 03 8391 8411 or by email at [email protected] to make an appointment.