If you’re thinking about selling your business then there are a lot of things to consider. For one, you need to make sure that you’re offering a fair price which both maximizes your profit and gives you a good chance of finding a buyer.
You also need to make sure that you’re covering all your bases in a legal sense. There are plenty of things to consider, and it’s always a good idea to engage the services of an experienced commercial lawyer.
In order to help you get your mind working, I’ve put together a quick list of things that you absolutely have to make sure that you’re thinking about when you’re selling a business. They include:
Make sure that you have a well written sale contract
It’s essential to make sure that you’re using a sales contract that is legally binding, otherwise you could run into all sorts of problems. It’s always a good idea to work with your local law team to put together a contract.
Some of the things that a business sales contract should contain include:
As I’ve said, you should always get your sales contract checked by a qualified lawyer, otherwise you might run into problems.
As you redouble your efforts to get your new business off the ground, the last thing you need is to be faced with unpleasant surprises along the way. By hiring expert commercial lawyers from the start, you can reduce the likelihood of lawsuits and liability. Most small business entrepreneurs often worry if they can afford to hire a lawyer amidst other heavy expenses; after all, small businesses are often strapped for cash and they hardly have any extra for legal fees. The truth of the matter is that legal fees are often much more affordable than people believe. The nominal charges for hiring legal assistance can help prove you with comfort and security knowing that your business interests are protected.
There are likely to be adverse financial implications if you postpone seeking legal assistance. Most people tend to hire legal help only when they are actually confronted with a problem (for example, a customer may sue you). Choosing to invest a nominal amount of money in seeking legal assistance will help you save money and protect your business because there is less likelihood of unpleasant shocks along the way. Prevention is always better than cure especially where business interests are concerned.
A commercial lease is one of the most important, and sometimes scary, documents a new business owner will ever sign. They involve complex terms, financial risk, and obligations you may have never seen before. The first commercial lease my company ever signed was for a total value of $2.5 million dollars over five years. At the time, it scared me to death.
With careful planning, however, a commercial lease can be a tremendous asset to your business, and as always, speaking to qualified property lawyers is always a good idea.
Here’s a few things to watch out for:
Business agreements are complicated things, and they must be written according to legal guidelines to make sure that they are valid, and that they remain valid. It is important to consult commercial lawyers when writing your business agreement to make sure that you don’t fall into problems further down the track. Unfortunately, a lot of people make business agreements which aren’t valid, but they don’t know this until a dispute arises.
What circumstances invalidate a business agreement?
There are a number of different things which can invalidate and led to the cancellation of a business agreement. These include:
When one party has broken a central part of the agreement – If one of the parties involved in a business agreement acts in a manner contrary to the terms set out in the agreement, the other party has reasonable cause to believe that the agreement is no longer valid. If you feel that your business agreement has been broken due to the way that the other party has acted, consult a commercial lawyer to determine whether you should take the matter to court.
Commercial Law Experts can help you understand your Rights
A partnership is an agreement between individuals who wish to finance and operate a business together. Reliable commercial lawyers are happy to guide clients who are facing anxieties and problems related to partnership agreements. In general, partnerships have certain advantages over sole proprietorships. Multiple partners may be able to raise more money than a single individual and their borrowing ability will be greater. Moreover, partners often bring their own skills to a business. In addition, employees may be more motivated if given the incentive to become a partner. You will enjoy shared management and control of the business.
A partnership agreement is a legal contract that clearly describes and lists all the duties and obligations of the partners in the business. In general, partnership agreements tend to be rather complex because the document has to include potential business situations and corresponding solutions. The absence of a partnership agreement is likely to result in confusion, stress and delay over distribution of assets and settlement of debts and so on.
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