Business Law

Our goals

Dealing with legal issues in business is complicated and stressful. However, with our dedicated lawyer and continuous support, your business will be placed in safe hands.

At Vinh Duong, our goal is to provide you with competent and professional advice that is timely and cost-effective to protect your business. Your business’s legal safety is our top concern. We’ll discuss what you want to get out of your business transaction and any potential legal issues. After that, we’ll collaborate to come up with a quick, reasonable, and favorable solution.

OUR SERVICES IN BUSINESS LAW

We are able to assist you with:

  • Purchase and Sale of Small to Medium Businesses, e.g. Bakery, Restaurant, Grocery shop, Pharmacy, Newsagency, Post Office and much more
  • Commercial Leases / Retail Leases
  • Commercial agreements such as Licenses, Franchises, Partnership and Joint Venture
  • Loan Agreements such as Mortgages and Guarantees
  • Re-finance

BUYING A BUSINESS

The purchase of a business is one of the calculated business risks. It is both a financial consideration as well as a legal consideration. As the Purchaser, you will take the risk that the business has been well run previously, paid out all its debts, and is financially viable at the time of purchase. Also, you have the skills and ability to run the business successfully after the transition.

Our team has closed hundreds of business deals for our clients. Our top priority is ensuring that there are no risks or potential losses during and after the business purchasing process.

In addition to ensuring that pre-exchange negotiations and searches are favourable, we also check that the Contract’s terms and conditions after exchange have been met. Remember that if you default in your performance of your obligations under the contract, for example failing to meet time limits or non-payment of the amounts of money owing, the Vendor may sue you for breach of contract. Even in severe circumstances of serious default, the Vendor may terminate the contract and keep the deposit money as a forfeit and sue the Purchaser for damages.

You as the Purchaser should also be aware of the caveat emptor “let the buyer beware”.

We also recommend the Purchaser to obtain independent financial advice from a qualified accountant to:

  • Check the business books and financial records to ensure that the business is viable and that the purchase price is at fair value.
  • Check tax issues related to the business, including GST issues, depreciation schedules, income tax implications associated with the purchase, etc.
  • Determine the best business structure for the Purchaser to purchase the business, e.g. in a partnership, joint venture, company, or sole trader arrangement.

SELLING A BUSINESS

Selling a business isn’t just about finances. It can often feel like you’re selling a little part of yourself. Putting up a ‘for sale’ sign can be taxing, so think about your endgame before making any decisions. Whether you’re planning to retire, looking to relocate, ready to try something new, Vinh Duong lawyers are here to help you out.

In the Sale of a Business, our goal is to have a detailed and complete Contract of Sale to allow for smooth and quick settlement of the sale of your business. Our dedicated team will find the best solutions for your case, check out the below information to examine how we do it.

Please remember that you as the Vendor have warranties and obligations that you must adhere to under the Contract of Business Sale. Failing to perform these obligations may allow the Purchaser to rescind the Contract, such as:

  • Executing all required documents to allow full transfer of title of items sold with the business
  • Conducting the business in a normal manner and not act to adversely affect the goodwill and value of the business prior to settlement
  • Discharging any existing encumbrances of the business
  • Obtaining Lessor’s consent to transfer of lease
  • Notifying any employee of the business sale and attending to employee termination pay and long service leave pay as required

We also recommend the Vendor to obtain independent financial advice on tax issues related to the sale of business including capital gains tax and GST issues.

SUMMARY

The purchase or sale of a business can be complex and very technical in detail. As well there is the critical need for the business transaction to be handled in a timely manner so that the purchase or sale of business together with lease details and mortgage details are handled efficiently.

We are here to protect you and your business. Please contact us now for an initial free-of-charge consultation on your purchase or sale of business.

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