I am selling a business, what agreements do I need?
The agreements you need to sell your business depends on the legal structure of the business, and the complexity of the sale.
- For sellers who are operating as sole trader or partnership structures, you need an ‘Agreement for Sale of Business (as a going concern)’.
- For sellers who are operating under a company structure, you can use an ‘Agreement for the Sale of Shares’ or an ‘Agreement for Sale of Business (as a going concern)’.
- For sellers who are operating under a unit trust structure, you can use an ‘Agreement for the Sale of Units’ or an ‘Agreement for Sale of Business (as a going concern)’.
For more complex business sales, you may also need additional agreements such as a ‘Heads of Agreement’, and ‘Confidentiality Agreement’. These agreements are designed to protect your interest and filter out non-genuine buyers.
If you don’t have a business broker helping you with the sale of your business, speak to a lawyer to determine exactly which agreement you need. It will help speed up the sale if you have agreements ready for prospective buyers.
West Perth Legal has helped many business owners through the process of selling a business including negotiation, preparation of contracts and business sale agreement, transfer of license, registration with regulatory bodies and business settlement. We offer fixed fees for drafting agreements to effect the sale of business.
Contact us today for your personalised quote.