Health Professionals incorporate company and purchase business while enjoying a family holiday.
The clients were health professionals purchasing their first practice. The clients were due to depart on an overseas family holiday less than one (1) week after first instructing Roberts Legal to act. Roberts Legal had to act quickly to ensure contracts were exchanged prior to their departure.
The clients had never operated a business before so initially required assistance establishing the correct structure through which to purchase and operate the Business. Roberts Legal advised the clients in relation to structuring options appropriate to their circumstances and then assisted with the incorporation of a new company and establishment of a Family Discretionary Trust.
The value of the business was significantly dependent upon the reputation associated with the existing practice. Roberts Legal identified that the current business name was not registered and advised the clients of the risks associated with this. Roberts Legal assisted the client to register the business name.
Due to the sensitive nature of the patient information to be handed over as part of the sale Roberts Legal provided advice in relation to the industry specific requirements to deal with confidential information of this nature.
Contracts were successfully negotiated and exchanged before the clients left the country and settlement occurred, as scheduled, days after their return.
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Most sale of business contracts require payment of a substantial sum for goodwill, an intangible asset. Be sure you are getting what you think you are paying for before binding yourself to a Business Sale Contract. Read more…