13 Feb Some Things To Consider Before Buying A Business

Here is the most important piece of advice that your lawyer or accountant may not tell you in time. Are you ready? If you are investing money in the business as you almost always will, then you should make sure that this loan is treated as a loan and not a gift. You can lend this money to the business and secure it with a charge. If you register the charge then your initial investment will be protected forever. If things go bad, then you may be able to get your investment back even before the tax man gets paid.
So our first piece of advice is – “Begin with the end in mind”. This will be the cheapest and best insurance against losing your home that you may ever buy so when setting up a business get some good advice and set up this asset protection structure from the start.
Choice of structure can only be made with the assistance of the buyers accountant and lawyer. If these matters are considered at an early stage it may also be possible to ensure that your personal assets are protected if one day things go wrong.
Below is a list of things that a buyer should have available for the first meeting with their lawyer:
- The draft contract ( the seller usually prepares the contract and you should let your lawyer read the draft before it is signed ). If the draft contract or a letter of intent is properly prepared by the broker then this document will contain much of the information required.
- Copies of any leases given to you buy the broker or seller together with amending documentation e.g. extensions and variations
- Copies of any franchise agreement given to you by the seller.
- Copies of any licenses given to you by the seller
- Any other material that the broker or seller has given to you at any time including any details about the performance of the business
- Contact details for your accountant.
A business contract will impose many obligations on both parties. Some of these will need to be considered very early on in the process, including:
- The assignment of a lease or the negotiation of a new lease.
- The assignment of a business name and associated licenses
- The transfer of obligations relating to employees and their entitlements
- GST, Stamp Duty and other tax issues
- Restraints of trade
- Tuition and training of the buyer
- Representations and promises in relation to turnover and profit
- Calculation of Purchase Price and deposit
- Conditions precedent such as Due Diligence enquiries, finance, etc
- The handover of possession.
You should consider your requirements in relation to the above matters before your first meeting with your solicitor.
A Business broker or Lawyer will prepare the contract using a standard document produced by the Real Estate Institute of Queensland ( REIQ). Although the REIQ contract forms the basis of most business sale transactions in QLD it is a lengthy document and it’s correct completion requires some expertise. A full understanding of the way in which the standard conditions interact with the schedule is required before the schedule is completed. There are a number of issues created by the standard conditions that need to be carefully handled. Certain of the standard conditions attempt to remove a purchasers rights at intervals during the life of the contract. These kinds of clauses provide that a purchasers right to complain about various issues will only exist for a number of days after the contract is formed. Some of the rights which expire under these kinds of clauses are very important rights for a purchaser and include for example the right to complain if a purchaser is not satisfied, that the financial figures of the business are accurate. If a buyer neglects to obtain legal advice before signing the contract then the buyer is well advised to obtain legal advice as soon as possible after the contract is signed.
A business contract will almost always include special conditions. These conditions are not regulated in any way and must be carefully checked to ensure that they are acceptable. Any conflict between the standard terms of contract and special conditions must be resolved.
The REIQ business contract is an evolving document and significant changes are made to it by its publishers on a fairly regular basis. We monitor these changes as they occur.
Please contact us if you require assistance with a business purchase in Queensland.
viagra order
Posted at 05:21h, 08 AprilSale viagra
viagra usa
generic cialis india
Posted at 17:26h, 15 Aprilonline cialis
cialis pills
cialis 5mg
Posted at 11:45h, 17 Aprilhow to get cialis
price of cialis
Order viagra usa
Posted at 01:17h, 19 AprilBuy viagra com
Canadain viagra
Canadian generic viagra online
Posted at 20:58h, 22 AprilViagra 100mg england
Discount viagra
cialis without a doctor prescription
Posted at 16:47h, 26 Aprilcialis coupon cvs
buy generic cialis
generic cialis canada
Posted at 00:43h, 29 Aprilcialis without prescription
cialis generic
cialis 20
Posted at 16:42h, 01 Maycialis without prescription
cialis coupons
is there a generic cialis
Posted at 09:17h, 04 Maycialis over the counter 2020
cialis canadian pharmacy
cialis coupons
Posted at 01:07h, 07 Mayhow much does cialis cost at walmart
cialis 10mg
viagra 100mg
Posted at 22:11h, 08 Maycheap viagra
viagra generic
viagra for sale
Posted at 10:52h, 11 Mayviagra for sale
online pharmacy viagra
cheap viagra
Posted at 14:44h, 13 Maycheap viagra
viagra 50mg
ed pills otc
Posted at 08:48h, 19 Maymens erection pills
cheap erectile dysfunction
buying ed pills online
Posted at 14:14h, 22 Maymens erection pills
best erectile dysfunction pills
ed medications
Posted at 14:47h, 26 Mayed pills otc
generic ed pills
buy generic cialis
Posted at 19:38h, 30 Maycialis 10 mg
cialis 20 mg
canadian pharmacy
Posted at 10:28h, 07 Junewalmart pharmacy
online canadian pharmacy
Get cialis
Posted at 05:18h, 14 Junecialis mastercard
Buy cheap cialis
vardenafil coupon
Posted at 19:02h, 20 Junevardenafil pills
buy vardenafil online
levitra 20mg
Posted at 22:21h, 26 Junevardenafil dosage
vardenafil pills
casino real money
Posted at 16:28h, 30 Junecasino real money
slot games online
free slots online
Posted at 17:46h, 02 Julycasino online slots
online casinos usa
generic sildenafil
Posted at 20:32h, 04 Julyfree viagra
viagra for women
real casino online
Posted at 17:40h, 06 Julyreal online casino
casino moons online casino
online slots for real money
Posted at 22:20h, 08 Julyonline casino real money usa
hollywood casino online real money
short term loans
Posted at 02:52h, 14 Julyonline loans
cash advance online
no credit check loans
Posted at 06:15h, 17 Julyloans online
personal loans
payday loans
Posted at 02:40h, 20 Julyloan online
personal loans
viagra pills
Posted at 01:28h, 23 Julyviagra prescription
viagra cost
cialis to buy
Posted at 07:55h, 26 Julybuy cialis
cialis to buy
generic cialis
Posted at 01:57h, 30 Julycialis 20
20 cialis
new cialis
Posted at 09:31h, 01 Augustcialis to buy
cialis internet
generic for cialis
Posted at 01:43h, 04 Augustgeneric for cialis
cialis generic
20 cialis
Posted at 09:17h, 07 Augustgeneric cialis
5 mg cialis
free casino games
Posted at 08:46h, 10 Augustjackpot party casino
online casino
online casinos usa
Posted at 02:42h, 14 Augustfree slots
best online casino for money
free slots
Posted at 19:29h, 17 Augustcasino slots
doubleu casino
generic viagra 100mg
Posted at 14:09h, 24 Augustviagra online canada
viagra 100mg
generic sildenafil
Posted at 19:15h, 26 Augustviagra generic name
viagra without a doctor prescription
cheap viagra
Posted at 21:56h, 29 Augustgeneric sildenafil
viagra pills
cialis tadalafil
Posted at 09:34h, 02 Septembertadalafil dosage
online cialis
www.jueriy.com
Posted at 01:59h, 21 Septemberhttp://www.jueriy.com
Some Things To Consider Before Buying A Business | Riba Business Lawyers
brand cialis online
Posted at 04:04h, 04 Octobergeneric cialis online no prescription
cheapest price for generic cialis
buy generic cialis online
Posted at 18:12h, 04 Octobertadalafil
cialis canada
buying viagra online
Posted at 22:04h, 07 Octoberviagra cost
online viagra
order viagra
Posted at 23:06h, 08 Octobergeneric viagra
viagra alternative
viagra generic
Posted at 01:56h, 14 Octoberviagra buy
viagra for sale
buying viagra online
Posted at 19:02h, 14 Octobergeneric viagra cost
viagra prices
buy cialis
Posted at 21:38h, 16 Octoberbuy cialis
Some Things To Consider Before Buying A Business | Riba Business Lawyers
buy viagra pills for men
Posted at 04:22h, 20 Octoberviagra cheap
viagra online generic
cialis refractory period
Posted at 00:37h, 23 Octoberbuy cialis using paypal
order cialis online canada
buy viagra belgium 155
Posted at 01:32h, 25 Octobergeneric viagra free shipping
viagra premature ejaculation
generic cialis canada
Posted at 20:55h, 26 Octoberbuy cialis online no prescription
cialis ontario
cialis half life
Posted at 00:48h, 29 Octoberlevitra cialis
cialis 20 mg how long does it last
viagra dose
Posted at 23:57h, 30 Octoberviagra kills
get viagra prescription online
viagra not working
Posted at 09:54h, 10 Novemberviagra risks
viagra super active uk
buy viagra with discover card
Posted at 07:46h, 18 Novemberpay for viagra with paypal
viagra effect on women
Order viagra without prescription
Posted at 18:35h, 20 NovemberGeneric viagra cheap
Generic viagra cheap
grapefruit viagra
Posted at 03:21h, 21 Novembersildenafil vs viagra
discount generic viagra
generic cialis next day delivery
Posted at 09:45h, 27 Novembercialis best price
cialis spray
How to get some viagra
Posted at 03:18h, 29 NovemberFda approved viagra
Order viagra
viagra upset stomach
Posted at 18:27h, 29 Novembergeneric viagra fraud
where to buy viagra in singapore
Buy viagra us
Posted at 13:55h, 03 DecemberBuy brand viagra
Buy generic viagra
singapore viagra legal
Posted at 11:09h, 15 Decemberwhere to buy viagra
generic viagra names
cheapest viagra online
Posted at 21:13h, 23 Decemberhow many viagra can i take
next day viagra delivery
cialis generic paypal
Posted at 22:44h, 03 Januarycialis pills online
buy cialis generic
buy viagra in boots
Posted at 04:24h, 07 Januaryis generic viagra good
buy viagra in hungary