Buying an existing business without a lawyer can be very risky, both from a legal and financial standpoint.
An lawyer can play a number of very important roles if you are considering buying a business (or starting a new business).
Firstly, it’s important for you to ensure that you are not inheriting the financial debts and legal troubles of the former owners. For example, what if they over-represented the turnover or income of the business?
Secondly, do they have any rights to the business name?
Whats the remaining tenure of the lease? Are there outstanding loans on the inventory or equipment and could it be repossessed by your suppliers? Does the landlord agree to the sale and what’s his position on renewal of the lease?
The common belief of a lawyer’s role in the process of acquiring a business is restricted to the technical aspects – such as preparing a sales and purchase agreement or reviewing a lease document, or even just incorporating a new entity with the Companies Office.
At Parshotam Lawyers, our role as lawyers doesn’t stop there.
Our specialist lawyers can assist in investigating these and several other important components when buying a business, as part of the due diligence process.
As lawyers, its our role to ensure that you understand the risks you are facing, which often get overlooked in the enthusiasm to buy or launch the new business.
Ultimately, our roles is to advise you on :the full picture”, in simple and language and deliver our advice to you in a timely fashion.
Our team has decades of experience with handling business transactions and negotiation strategies, ensuring that all the legal issues are brought to your attention, and that your interests are protected.
Call us now on 09 629 2766 or complete the contact form for a confidential discussion about your business purchase.