This document sets out some general principles that should be considered when preparing for the completion of a sale of business.
This precedent is applicable to sale of business by way of purchase of business assets, shares in a company or units in a trust. These principles set out some general steps that should be followed and considered when preparing for a completion.
Practitioners will need to consider the specific functions of the business, company or trust that the client is purchasing or selling in order to determine whether additional matters will need to be considered for completion.
Using this precedent
This precedent will serve as a guide to the sorts of matters which will need to be considered by parties and their advisers when assigning a property lease. Practitioners should consider the specific facts relevant to each case. In particular, tax implications (particularly stamp duty and income tax) will affect a large number of aspects of the transaction, and these should be the subject of separate consideration in each case.
This document has been authored for Lexis Nexis by Rosalyn Gladwin, Principal, Gladwin Legal.
This document is prepared with the assistance of Specialist Editor Murray Landis, Partner, K&L Gates.