Do I need a solicitor to buy or sell a business?
by Admin
Posted on 30-09-2022 08:58 PM
You do not need a solicitor to buy or sell a
business
, however, buying or selling a business is a major transaction in which you need to properly consider a range of legal issues. A solicitor experienced in business transactions will therefore be able to advise you with those issues in order to protect your interests and ensure that the transaction proceeds smoothly.
Businesses can buy and sell land, plant and equipment, goods or services, and even know-how. If you’re buying something, how do you know you’re getting what you pay for? do you have warranties and promises in writing that allow you to enforce them? how do you ensure no-one else has a claim over what you’re buying? are you aware that under australia’s personal property securities register regime you could potentially be stripped of ownership even if you have paid for something? if you are selling, what disclaimers do you need for your product or asset or services? when and how will you be paid?.
Negotiation and preparation of partnership, joint venture, buy/sell agreements and bespoke commercial agreements. Corporate advisory and mergers and acquisitions; employment law; acting for borrowers, lenders and financial institutions; ip and technology; review and creation of trading terms; advice in respect to privacy law; ppsa security interest registration; and enforcement of ppsa registrations. Privacy law many business transactions rely on collecting and storing personal information and data. The privacy act 1988 (privacy act) regulates the handling of personal information about individuals, so it is crucial for business owners to ensure their customers’ privacy is protected and respected. The benefits of obtaining correct advice and putting systems in place that comply with the privacy act far outweigh the risks of not doing so.
Finding the right adelaide lawyer to resolve your legal matters can be difficult. But at ylp – your legal partner, we want to make it simpler by answering some of your commercial law questions. Do i need legal advice and representation when buying and/or selling a business? buying and selling a business involves ensuring that you fully understand the agreement you’re entering into. If you don’t, you might be exposing yourself to immediate and future liabilities that you’re not aware of and wouldn’t have accepted when negotiating the deal. Obtaining the best, personalised legal advice from our highly experienced lawyers at ylp – your legal partner will ensure that you’re fully informed about the deal you’re entering into, which ultimately means reducing your liabilities and maximising benefits.
I am the Director of a Company, is there a possibility that I will be liable for some of the debts of the Company?
A
company
is an incorporated legal entity with the capacity to enter legally binding transactions in its own right. Apart from some exceptions, directors are not personally liable for the company’s debts. Directors however hold a position of power and trust imposing on them several duties to act in the company’s best interests. Essentially, they must:
act honestly and use their powers to make decisions based on what is right for the company as a whole;
avoid conflicts of interest and not use their position for personal profit to the detriment of the company;
exercise care, skill and diligence in performing their duties;.
What are the best types of business structures and how do I choose what is best for my business?
Q. I want to establish a business. What business structure should i choose? when setting up a business, matters to be considered include personal financial liability, tax implications, establishment costs, profit distributions and exposure to risk. It is important to consult with an accountant and/or solicitor to assist in making such a decision. There are a number of business structures available, such as sole trader, partnerships and proprietary limited companies. Consideration should also be given to trust structures. Not all businesses are the same and each structure has varying advantages and disadvantages.
Accredited Specialist - Business Law
Commercial lawyers will tend to have a specialist practice area (e. G. Intellectual property) or industry focus (e. G. Technology, media & telecoms). The exception to this is in smaller firms, where the term simply refers to those whose clients are businesses rather than individuals. Commercial solicitor duties in the commercial legal sector is dependent on which area the lawyer works in, but much of the transactional work focuses on protecting each client’s business interests by managing a wide range of risks. For example, this could mean interpreting the law to decide how to protect a client against liability for claims made on their website.
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The australian economy is presenting lucrative opportunities for business. In order to respond to these opportunities and thrive in a globally competitive market it is imperative you seek the assistance of experienced, accredited legal specialists. Diamond conway has a dedicated team of commercial and business lawyers who partner with their business clients and deliver value-adding services. We support small, medium and large businesses. We have the resources and expertise to act on large scale commercial transactions or disputes, but retain a personal service ethos and attention to detail so that our clients have a business partner, not just a firm of legal advisers.