Regardless of whether you are buying or selling a business, there are a lot of legal hurdles that you need to pass through, making the process quite complex. That is why you need to get the right legal advice from the beginning to the end of the negotiations.
It is essential that you have a commercial conveyancing lawyer on your side during these times. They will work with you through every part of the process and set you up for success.
What Does a Commercial Conveyancing Lawyer Do?
If you want to buy a business, a good conveyance lawyer will sit with you and discuss your motivations and business goals. They will also do the checks necessary to ensure that the people you transact with are trustworthy and the business they run is legal.
With that said, here are some of the services that a conveyance lawyer offers:
- Drafts contracts and other legal documents
- Facilitates transitions of intellectual properties
- Makes background checks on the business and the seller
- Looks after property leasing
- Negotiates with the seller on behalf of the client
- Organises employee entitlements and transitions
- Reviews contracts and other legal documents
- Sets the timeline for inspections, stock-takes, and settlements
- Settles licensing requirements
- Addresses tax requirements
- Supervises incorporations and structuring
Can You Buy a Business without a Conveyance Lawyer?
You can buy a business without the help of a conveyance lawyer. The Australian Department of Industry, Science, Energy, and Resources has published guides to help individuals buy existing businesses. However, they underscore the importance of seeking professional advice to help people through the process.
Commercial conveyancing lawyers are not only there to fill out and file the legal documents for you. These legal professionals watch your back for you through their due diligence and constant review of legal documents. Conveyance lawyers can take the tediousness of transferring titles and licenses while you focus on the future of your new company.
Can You Sell a Business without a Conveyance Lawyer?
It’s important to know that you can sell your business without hiring a conveyance lawyer. But, much like a business buyer, selling a business without professional help can be tricky to navigate.
In essence, there are ten steps to selling a business. But most, if not all, of these steps require precise legal language to ensure that all parties are happy and protected during the negotiations and subsequent settlement.
It means that it is in your best interest to hire a conveyance lawyer to guide you through the whole process. Leave the legalities to the professional so that you can figure out your next business venture.
When Should You Hire a Conveyance Lawyer?
It is ideal to speak to a conveyance lawyer as soon as you have found a business opportunity that piques your interest. That way, you will have a professional ready to give prompt and sound legal advice from the start.
Aside from that, your conveyance lawyer can help protect your interest during a transaction. Transferring ownership can be an expensive endeavour, and the price tag can increase if you are burdened with fees and taxes that you are not supposed to shoulder.
With the help of your lawyer and accountant, you can differentiate between expenses you need to pay and those that the seller must settle. This arrangement can be put into legal writing and become part of a legally binding document.
Conclusion
The buying and selling of businesses are not so much about who has the most money but about who is the most prepared. Make sure to hire experienced commercial conveyancing lawyers who can provide sound legal advice before you start negotiations. It ensures that you and your interests are protected.
If you are looking for some of the best commercial conveyance lawyers in Ipswich, Queensland, Springfield Legals is here to help. We specialise in business conveyancing, property conveyancing, income protection, success planning, and family law. Contact us today to learn more!