Who is the Seller

You have indicated that you are associated with the seller of the business. Before completing this form please call your accountant to confirm the description of the entity that owns your business so that you can provide full instructions to your solicitor. You are not in a position to prepare a sale contract until you know the correct description of the seller. You can save this form and complete it when you have spoken to your accountant and have this information. If you have any questions please contact Riba Business Lawyer Ph 54791488. To save this form or continue click next.

Who is the Seller

It is normally the roll of the seller to prepare the contract. You have instructed us that you are the proposed buyer. For obvious reasons it can be difficult for a buyer to complete this form as the buyer will have very little information about the circumstances and detail of the business and the seller. If possible we suggest that you request that the seller prepare the contract. If the seller does not have lawyers and cannot prepare the contract then it is likely that this will put you to some additional cost as the contract details will need to be obtained and verified by us. Another option to save some costs is to complete this form while you and the seller are together. The seller should be able to assist you. You can save this form and it will be emailed to you at a later time. If you would feel more comfortable having this firm involved in the process the most efficient way to achieve this, at a reasonable cost is for you to attend at our office with the seller. We can then assist you to obtain this information. In doing so we would be acting for you alone (not the seller). We can only assist in this way if the seller has not engaged solicitors. If you wish to discuss any of these matter please contact Riba Business Lawyers on Ph 54791488. To save this form or continue click next.

The seller must be accurately described

It is not possible to properly prepare the contract without knowing the correct description of the seller. If the seller is a partnership it is necessary to know the number of partners and the correct description of each partner. Please contact us in order to discuss this. If you proceed without this information it will be necessary to return to this form to complete the additional detail. Please save this form. Please contact us if you have any concerns ph 54791488

Who is the Buyer

Before you sign the contract you should obtain advice in relation to the best entity to purchase the business. In order to make that decision you should speak with us. It is our view that the best entity to purchase a business is a corporate trust structure. There are two options that work best in most situations:

1. a company that has as its shareholder a family trust or

2. a Trust that has as its trustee a corporation

This structure is however only suitable if the controllers of the business are all part of one nuclear family unit. If other family's or entities are involved then a more complex structure is needed as the arrangement will be more in the nature of a partnership.

We can prepare a trust for as little as $600 plus GST

We can set up a company for $1200 plus GST

You can prepare a trust online by following this link Prepare a trust. If choosing option 2 we do suggest that you set up your corporate trustee before preparing the trust.

Please contact us to discuss these options and decide which works best for you.

Riba Business Lawyers Ph 54791488

Who is the Buyer

You may leave the detail of buyer blank so that it can be completed by the buyer. It is however likely to save you cost if this information is obtained before you prepare a contract. The establishment of a buying entity shows that the buyer is serious. If the name of the buying entity needs to be changed after the contract is signed then it is likely that both parties will be put to additional cost and sometimes there is a risk of additional stamp duty. Assuming that you have no agent involved we suggest that you have a conversation with the buyer about who the buying entity will be and that this is resolved at the earliest possible time. If you have any questions please phone Riba Business Lawyers Ph 54791488