Business Sale and Purchase

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Sale of Business Lawyers Cairns

At Preston Law, our commercial lawyers recognise the high stakes of buying or selling a business or commercial property. We bring the benefit of our experience handling high-value commercial transactions across Queensland.

Whether you are buying or selling a business in Cairns, our approach is innovative, fresh and pragmatic. This means that we will ensure the best outcome for you.
You will benefit from our team’s experience and sound advice, across a spectrum of commercial and business issues.

Our team provides legal services for buyers and sellers in purchasing and selling residential and commercial properties, businesses, assets, and stock.

Over the past 3 years, our team has handled over $750m in transactions for buyers and sellers.

Partner Danielle Little leads the commercial legal team and is supported by 17 other experienced lawyers if required. This expands the service offering, which includes:

  • Industrial relations issues connected to transactions;
  • Planning and environmental issues connected to transactions;
  • Taxation and structuring issues;
  • Finance and insurance;
  • Land tax; and
  • Succession arrangements.

Results for clients

  • We helped sell shares on behalf of business owners, for $25 million in cash and shares.
  • We acted as the sellers' representatives in a $16 million sale of the Raging Thunder Adventures business and properties. The buyer was an ASX-listed company, Skydive the Beach.
  • Acting for the vendor in an $18 million disposal of a chemical engineering business to a multinational corporation.
  • Acting for a corporation disposing of $3 million in complex mixed assets to a multinational corporation.
  • Acting for the vendors in the $11 million disposal of an online marketing business to a foreign public company. This includes advising on statutory compliance, taxation issues and intellectual property rights.
  • Acting for the purchaser in acquiring a Queensland-based Copper Mine from the receivers of an ASX-listed seller. This included advising on secured party rights, native title, access rights and taxation implications arising from novation.
  • Acting for the seller of a leading tourism North Queensland business valued at $12 million. The associated infrastructure included a fully serviced accommodation park, transfer of state tenures and tourism authority.

For vendors, our business sale lawyers will guide you through the sale process, ensuring your interests are maintained.

For potential buyers, we conduct due diligence and handle the documentation of all transactions. This helps you avoid any surprises in the future.

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Frequently Asked Questions

Who drafts a sale of business contract?

Our commercial lawyers will guide you through the process of drawing up a Business Sale Agreement. Seeking legal advice will ensure your business sale contract is comprehensive, paving the way for a smooth transition of ownership.
Working with a lawyer will also help you avoid any pitfalls that could lead to disputes in the future.

How can a commercial lawyer help me buy a business?

A business purchase will likely be a substantial investment of money and time for the buyer. Therefore, minimising the risks and potential issues by seeking advice from a commercial lawyer before you commit is vital.

Working with our commercial lawyers we can help you:

  • Review any Business Sale Agreements supplied by the seller,
  • Understand any contractual rights or obligations the business has,
  • Ensure that you evaluate any shareholder agreements to maintain your best interests,
  • Investigate any confidentiality or privacy issues you need to be aware of,
  • Ensure intellectual property is transferred along with any sale,
  • Navigate any transfer of lease agreements, if necessary.

Will I have to pay a transfer duty when buying a business?

Under the Duties Act 2001 (QLD) stamp duty applies to all business sales in Queensland. In most cases, the purchaser will pay this duty.

Once an agreement has been reached and signed, a lodgement to the Queensland Revenue Office is required. This needs to take place within 30 days of the agreement.

To estimate the level of duty you will need to pay, visit the Queensland Revenue Office’s website.

What is intellectual property (IP)?

A company’s intellectual property (IP) is one of its most valuable assets.

When buying a business, it is important to identify and address the IP properly in the business sale contract. IP can include:

  • patents, which protect inventions;
  • industrial design, which safeguards the appearance of industrial products;
  • trademarks, which are distinctive marks such as a name or symbol that identify a company or its products or services; and
  • copyright, which protects creative work such as literary, artistic, and musical expressions.

What are the legal costs when you sell a business?

The costs associated with the sale of a business vary depending on the complexity. The type of business and whether property is included will also impact the legal fees.

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