Vancouver Business Law: Buying or Selling a Business
In most cases, the purchase or sale of a business is a once-in-a-lifetime decision to make.
This decision is often more complicated than expected, involving both business law and contract law that exceeds the scope of commercial knowledge held by most small business owners. For this reason, sound business legal advice from a trusted business law firm is essential when ensuring that your interests are protected.
Based in Vancouver, Winright Law’s team of small business lawyers can help you determine whether your transaction should be structured as a Sale of Assets or a Sale of Shares, to help minimize any immediate cost or tax consequences.
Purchasing a Vancouver Business
Winright Law can analyze the financial statements of the business you are buying and can assist in your decision regarding how to finance the purchase. We can also help you figure out what liabilities you may be assuming, including: employee considerations, family-related claims, and minority shareholders. Our business lawyers can also help protect the value of goodwill held by the business and, its reputation.
Selling a Vancouver Business
When selling your business, it is crucial to consider the tax impact. Winright Law’s business lawyers can help determine how to minimize the amount of taxes you are required to pay to the Canada Revenue Agency.
Furthermore, you may also ask the buyer to make specific promises regarding the continuance of the business, as per your agreement. For example, you may want to ensure that the purchaser of your business retains your employees. In addition, it is also important to see that the purchaser promises to assume and pay the agreed upon liabilities, as well as to indemnify you against those liabilities. These are both examples of the things that our law firm will consider when helping you through your sale.
Whether a franchise, a small independent business, or a family-run business, Winright Law’s Vancouver-based team of business lawyers will always be happy to help you successfully buy or sell your business.