FAQ: Business Law

We will arrange for a series of searches in relation to the property and business.

• Title search - Reveals any mortgages that affect the property. 
• Search of company records - Reveals whether or not a charge is registered over the plant or equipment you are purchasing. 
• Rates certificates - Reveals whether or not the rates have been paid. 
• Vehicle Security Register - Reveals title and registration for any vehicle you may purchase with the business.

We will thoroughly check all documents, contracts and also:

• Provide advice on zoning, permits and licences affecting the business. 
• Advise on your obligations under any proposed or existing contract, such as a lease or Contract of Sale. 
• Negotiate terms favourable to you in relation to the purchase. 
• Carrying out searches to obtain detailed information about a business or proposed business. 
• Advise on various legal structures for a business and their advantages and disadvantages

Always have your contract checked by a lawyer.

• There should be conditions in the contract to allow for a right of inspection prior to settlement. 
• There can be provisions for a trial period after the signing of the contract but before settlement to allow assessment of how economically viable the business is. 
• The vendor should be obligated to perform certain works or satisfy council, lease or other requirements before settlement. 
• If you or the vendor is a proprietary limited company you should obtain advice about guarantees by directors.

• Section 52 statement with cash flow and other figures annexed. 
• A lease of the premises and documents relating to the lease. 
• A contract for the sale of the business. 
• A disclosure statement. 
• Yearly statements of outgoings. 
• An inventory of plant and equipment. 
• Permits: such as Town Planning, Health Act, Eating House and Liquor Permits. 
• A copy of the Certificate of Business Name Registration. 
• Any hiring, licensing or other agreements affecting any of the plant sold.
• Details of the managing agent of the business premises. 
• Any rent changes during the lease. 
• Title details to the premises. 
• A full description of all assets being purchased. 
• Details of any outgoings payable under the lease. 
• Details of employees being retained with the business. 
• The schedule of plant and equipment - check which items, if any, belong to the lessor.