The transfer or sale of a business generally involves the transfer of the various items of property used in the conduct of the business such as goodwill, plant & equipment and stock in trade. There are a range of asset types which may form part of the sale of a business.
Another thing to consider when selling a business is that there are various Federal and State requirements that exist with regards to the Sale of a Business. For example, the NSW Government has recently introduced changes to duty payable on the transfer of business assets, which is only paid by the purchaser. However, the liability to pay duty will only extend to those assets identified as dutiable property. It is important to also be aware that Capital Gains Tax and GST may be payable upon sale.
The team at Quinns can help you navigate the myriad of legislation, contracts and other matters that pertain to each individual sale. The Quinn Group are able to explain the relevant issues in clear and simple terms, avoiding legal jargon and giving your control through our professional advice.
The Quinn Group can assist with all aspects relating to the sale of a business, including, but not limited to, the following:
- Contract preparation, advice and review
- Business Valuations
- Advice regarding employees and Workers Compensation
- Advice regarding Trade Practices Act and Intellectual Property
- Negotiating with suppliers regarding transfer or termination of contracts
- Calculating and legally minimising Capital Gains Tax on sale
- Calculating and legally minimising GST payable on sale
We understand the many issues involved in the sale of a business and will be by your side every step of the way. For more information on how we can help, contact us online or call 02 9223 9166 to arrange an appointment with our business lawyers.