with Daniel McKinnon WW51579

This kind of transaction usually entails the acquisition of assets only and no goodwill, contact details, social media handles, or anything of that nature.

An example might be an earthmoving business that has no existing contracts, no ongoing projects but has a fleet of earthmoving equipment.

For someone who wants to start and earthmoving business or has an existing business but needs more equipment this might be a suitable structure to simply acquire the equipment on its own with no bells and whistles.

These are the main ways to buy or sell a business.

Irrespective of which way you go, you should seek the advice of an accountant.

You need to be aware of things like whether or not GST is payable in relation to the transaction, if you are selling a business or asset whether there will be any capital gains tax liabilities and a range of other things like outstanding tax debts or employee entitlements if there are transferring employees and/or a company structure that is a part of the transaction.

If you need help buying or selling a business contact us for an obligation-free telephone consultation to get things started for you.

See the ad below for all our contact information.