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A Practical Guide to Buying a Business in Australia March 2010

A Practical Guide to Buying a Business in Australia March 2010

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Published by Shekhar Saurabh
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Published by: Shekhar Saurabh on Nov 18, 2012
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 A PRACTICAL GUIDE TO BUYING ABUSINESS IN AUSTRALIA
“A Practical Gi t Byig a Bsiss i Astralia” is crrt as at March 2010. It is it t prvi gral ifrmati aarss cmm qstis a isss rais by frig ivstrs. This gi s t cstitt lgal avic a shl t bs as a sbstitti fr spcific avic ccrig th applicati f Astralia laws t particlar prpsals r trasactis.Plas ctact Macs fr frthr ifrmati.
MARCH 2010
 
An overview of the key legal steps to buying a business in Australia
Step One
Understanding the TargetSelect advisers – legal, accounting and industry expertsConduct legal due diligence investigations on targetConsider regulatory approvals required
Step Two
Working Out Transaction StructureType of transaction structure – asset purchase, share purchaseIdentity of target – private, public, listed, unlistedConsider financing and taxation issues such as transfer pricing anddebt to equity ratios
Step Three
Entering Into Legal DocumentsHeads of AgreementConfidentiality AgreementSale (asset or share) Agreements
Step Four 
Post-Purchase ConsiderationsComply with ongoing obligations under the Sale AgreementComply with other ongoing requirements
 
IN THIS ISSUE
InTRoduCTIonSTeP 1: undeRSTAndInG THeTARGeTSTeP 2: WoRkInG ouT THeTRAnSACTIon STRuCTuReSTeP 3: enTeRInG InTo LeGALdoCuMenTSSTeP 4: PoST PuRCHASeConSIdeRATIonSFInd ouT MoRe
A prAcTIcAl gUIdE To bUyINg AbUSINESS IN AUSTrAlIAINTrodUcTIoN
Ar y itrst i byig a bsiss iAstralia a ar lig fr giac as twhat t  xt? If s, this gi is itt prvi y with sm practical ifrmatia tips t hlp pt y  th right path.
STEp 1: UNdErSTANdINg THETArgET
W hav assm fr th prpss f thisgi that y alray hav i mi a targtbsiss t prchas. I slctig thatbsiss, y hav lily alray ccta prlimiary cmmrcial aalysis f thbsiss. Hwvr, bfr pttig p tpapr  a al, it is ft prt t gaglgal, fiacial a istry-spcific avisrs tassist with ivstigatis  th targt.A y csirati i fialisig th prchasf a bsiss i Astralia ca b vrcmigrglatry hrls. W brifly iscss thmai rglatry bis y may  t btaiapprval frm, r  t cslt with, bfry ar abl t prc with th prchas.Rlvat wbsits fr ths rglatry bisca b f at th bac f this gi. Istryspcific apprvals may als b rqirpig  th atr f th targt bsiss.I this cas, lgal avic shl b btai tclarify ay aitial rglatry rqirmts.
Selecting advisers and conducting duediligence investigation
Bfr cmmittig t prchas a bsiss,it is imprtat t cct ivstigatis fth bsiss. This is ft rfrr t asrtaig ‘ iligc’. It is grallycct aftr y hav stablish that yar itrst i prchasig th bsiss abfr y sig ay agrmts t prchas.A cmprhsiv  iligc ivstigatiis a famtal cmpt f mst bsissacqisitis. dpig  th atr f thtrasacti, y wl sally gag lgala acctig avisrs t assist y. Yshl als csir whthr thr ar ayistry spcific xprts that may b sfl.d iligc is ft mst ffctiv whavisrs liais a wr tgthr.Th y t ffctiv  iligc is t sryr avisrs rsta yr bsisspriritis that rli th prchas f thtargt bsiss. Th bttr ifrm yravisrs ar f th atr f yr bsissa th rass fr yr prchas, th bttrqipp thy will b t fcs  a t avisy f th y cmmrcial r lgal isss arisigt f th  iligc prcss.Lgal  iligc is imprtat t sr thaty ar i fact byig what y thi y arbyig. It is a imprtat tl i aalysig thtargt fr lgal cmpliac, pig lawsitsa ctigt liabilitis that might affct thbsiss. Yr lgal rprstativs will l at th wrship cmts t ma sr thparty sllig y th bsiss actally wsth bsiss, will xami th agrmts actracts f th bsiss sch as cstmrctracts, spplir ctracts a lass, tsr thr ar  hi lgal riss i thbsiss.Fiacial  iligc ivstigati is imprtati aalysig th fiacial stats f th bsiss,taxati implicatis a apprpriatss fth prchas pric. Grally, a byr wlgag acctats t cct fiacial iligc.dpig  th bsiss big prchas,thr may b istry spcific avisrs whca prvi ivalabl tchical xprtisa isight it th particlar istry that thtargt bsiss prats. I aiti t this,it may b sfl t cslt a virmtalspcialist, particlarly if th targt bsissivlvs mafactrig r a prcss which mayrslt i wast r by-prcts.Bfr rtaig  iligc, y may bas by th sllr t tr it a CfitialityAgrmt bfr y r yr rprstativsar grat accss t cmts f thbsiss. Plas rfr t Stp 3 fr cmmtaryrgarig Cfitiality Agrmts.
 
 A PRACTICAL GUIDE TO BUYING A BUSINESS IN AUSTRALIA

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