Commercial Logan Lawyer
The First Steps In Buying A Business
When purchasing an existing business, there are some steps you should take before making an offer.
Are you ready to start a business?
- Have you thought about how you will structure the business?
- Are you ready to be a business owner?
- Can you affortd to buy a business?
When our clients come to us with plans on buying a business, we will ask them the following types of questions.
Carolyn Ryder has grown up within a family business so has seen both sides and how a business needs to both support a family but also allow a family to have a life outside of the business as well.
Business structures
The business structure affects your taxes, liabilities, ownership and profitability. We always recommend you speak to your accountant to get the correct financial advice for you. Your accountant may also be able to help set these up for you as well.
The four most common business structures are:
Sole trader (owned and managed by a single individual).
Partnership (association of people to carry on a business together, but not as a separate legal entity)
Company (legal entity that is a separate legal entity from its shareholders)
Trust (holding assets for the benefit of one or more persons).
If you plan to run a business jointly with another person, you need to make sure that you are clear with your partner or partners about how the business will be run.
Are You Fit To Run A Business?
Running or owning a business is hard work and requires much discipline. Before you start a business, check the following points to see if you are ready for business:
- Do you have the right skills?
- How much time will be required by you to make the business successful?
- Are you ready to take on unusual working hours and time pressures?
- What are your personal goals, will a business help you achieve them?
- Do you have the capital to invest in a business ?
It is crucial to consider the costs of running a business before you consider buying one.
Financing is often one of the biggest obstacles to buying a business.
Have you started to get your own financials in order so that you have an understanding of a price range of a potential business to buy.
Once you have a business that looks suitable, the loan application can then start.
Find out More by contacting
Carolyn Ryder - Logan Solicitor
level 2/3908 Pacific Hwy
Loganholme QLD 4129
07 30891804
-27.665967079070246, 153.17568417534358