Business ownership transactions can take many forms. You can purchase the business and its assets, shares in a company that operates a business, a partnership interest from one of a number of partners in a business, take up a franchise opportunity, or start a new business by leasing premises and registering intellectual property assets such as business names, trademarks, domain names etc.
Commercial licensing issues may apply such as liquor licenses, local government regulation of food, health and hygiene and advertising device licensing. There is also industry specific licensing requirements for certain industries. The security, tattoo, real estate and second hand goods dealers are just some of the types of businesses subject to industry specific licensing requirements.
If the business is operated from premises then there will be issues relating to the tenure of that property (the lease) to be addressed. These are even more important when the nature of the business relies heavily on costly fit-outs of premises or a specific location of premises.
There may also be questions before a business is taken on of how to structure the ownership of the business. Options include setting up as a sole trader, partnership, company or trading through a discretionary trust.
Business transactions encompass a range of issues including financial matters. We therefore often work closely with accountants to ensure the grey area between legal and accounting matters are not overlooked.