What to Consider when Buying a BusinessTue, 25th Sep 2018
At Carroll Goldsmith, we are always looking to anticipate the risks our clients may face when considering the purchase of a business and implement measures to minimise those risks. Naturally, everyone who goes into business does so to be successful and risk minimisation is an important contributing factor to this.
When advising you on your new business venture, some of the many aspects we will consider with you are:
· What is the best ownership structure for your business (sole trader, company, trust, partnership)?
· Do you need a specific set of terms & conditions with your customers?
· If you are in business with a partner, do you require a partnership agreement?
· Estate planning - Is your Will up to date?
There are many benefits to addressing these matters at the offset, including:
· Avoiding exposure to financial loss to creditors;
· Protecting personal assets (i.e. your family home) from exposure to business creditors;
· Improve your prospects of recovering debts from customers that don’t pay on time;
· Protect you in circumstances where a business partner leaves the business (voluntarily, through illness or death);
· Protect you in circumstances where you have a dispute with your business partner.
Embarking on a new business venture is an exciting time and can remain a prosperous experience with the help of risk management and sound legal advice. Include us in your considerations – for a free non-obligational chat about the purchase of a business, call us now on (03) 5975 7588.
Level 1, 176 Main St, Mornington 3931
PO Box 628, Mornington 3931
Phone: (03) 5975 7588
Mon - Fri: 9:00am - 5pm