Business brokers are professionals who will help you buy or sell businesses. You can help you understand legal and regulatory requirements, advise on the profitability of your business, and provide market trends to your industry. You can make the process of selling your business less stressful. If this is the case, you may also have to pay a transfer tax on assets used for the operation of the business, including storage equipment and computers. Buyers and sellers do not have to be the same parties to each agreement for it to be the same agreement. It does not have to be a formal company, entity, partnership or organization. It can be any size. Selling homemade jam at a local market every Sunday is a shop. The transfer obligation is due three months after the signing of the sales contract.
Contact us now and speak to one of our experienced business lawyers about selling or buying businesses in Sydney and New South Wales on 02 9281 5088 or book advice. Check out ATO`s “Selling or Closing a Small Business” webcast to find out about your obligations at different government agencies. When negotiating the sale, make sure that the information you give about your business is accurate and true. If you say something or give out information that will later prove to be false, it can be considered deceptive or deceptive behavior. The purchase price to be paid by the buyer to the seller can be divided between good, investments and stocks. The distribution of the purchase price between these assets of the company can have different tax consequences and therefore allows the seller and the buyer to have recourse to accounting, tax or financial advice. As a general rule, the sale of a business is not subject to GST. If you are selling a small business, CGT concessions may be available. It`s important to keep in mind that you might need a heads of agreement before taking a potential acquisition. Szabo & Associates Solicitors can support the sale of companies by forming the “sales contract” and advise them on all elements legally required to be included in the sales contract (including special conditions). A business is any activity that you perform regularly for the purpose of making a profit.