Buying an existing business is an important financial decision and should not be rushed. With assistance from your accountant and lawyer, you should carefully consider all aspects of the business purchase. Some of these considerations are listed below.
The sale and purchase agreement
A written agreement is recommended to prevent future confusion or disputes.
When you buy a business, you can use a standard business sale and purchase agreement (available from the Auckland District Law Society), write one yourself, or instruct your lawyer to write one.
Wednesday, September 22, 2010
Corporate Insolvency
Unfortunately, corporate insolvency or financial stress is fairly common in the business world, but being aware of the process and your rights and obligations can help ease the process.
When a business fails, the company either:
When a business fails, the company either:
- goes into receivership
- enters a compromise with its creditors
- is put into liquidation.
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