Greyson Legal is a boutique Queensland based commercial law firm dealing with simpler legal matters to the more complex.
We endeavour to understand your Business and your business needs, support you and tailor our advice to help you solve legal and commercial problems in a timely and cost effective way.
As a client, you will benefit from our in-depth knowledge and breadth of expertise in business law.
Looking for experienced Business Lawyers ?
Call Greyson Legal: (07) 3142 0463
Our Business Law Services
The Principal of Greyson Legal has nearly 20 years legal experience in commercial and business law. You can be confident when engaging Greyson Legal that you are dealing with lawyers that have a thorough understanding of the business conveyancing process.
We provide a range of business conveyancing legal services related to the purchase of small businesses, across many industries.
Whether you are a start-up, first time buyer of an existing business owner, or investor - we can guide you through the steps of the business conveyance.
Greyson Legal offers a range of business law services specifically targeted to small and medium sized businesses, such as:
- Start-up business advice
- Business structuring
- Buying a Business
- Selling a Business
- Contract of Business Sale review, advice and drafting
- Business Name registration, transfers and cancellation
- Business conveyancing
- Retail, commercial and industrial leasing
- Business related contracts
- Franchise Businesses
- Distribution Agreements
- Licensing Agreements
- Business succession planning
- Business risk management
- Intellectual property advice as it relates to business
- Statutory compliance
- General business advice
This is what some of our business conveyance clients have said:
Buying a Business or Selling a Business
When buying or selling a business there are a number of legal and commercial issues to consider - these issues will vary depending on the nature of each business.
As Business Lawyers, Greyson Legal can provide comprehensive legal advice and assistance to guide you through the business conveyance process from start to finish.
- you understand any risks;
- you are aware of your rights and obligations;
- you are aware of any key dates under the Contract;
- all special conditions relevant to the Contract are identified and explained to you;
- the the business conveyance proceeds as smoothly as possible.
We help you:
- to understand key elements of the Contract;
- in carrying out any due diligence investigations; and
- to fulfill any steps that need to be undertaken in order to purchase the business.
Elements in a business conveyance that we may assist with:
- is the buyer and seller properly described in the Contract
- is the purchase price and deposit correct
- is the Contract subject to finance
- what stock is being sold (if any)
- is the stock of merchantable quality
- what plant & equipment is being sold and is it in good condition and fit for its purpose
- is any plant & equipment subject to rental agreements and ,if so, are those rental agreements being transferred or terminated
- is there a need for adjustments related to stock orwork-in-progress
- are the business's telephone number, fax number, email, website being transferred
- what intellectual property is being sold by the Seller (if any)
- is the business name being transferred
- consulting with you in regards to any searches that need to be conducted
- what special conditions apply (if any)
- is there an existing Premises lease. If so, what are the conditions for assignment of the lease or grant of a new lease
- does any fitout in the Premises belong to the landlord
- is there to be any trial period or tuition
- what licenses are currently in place. Do they need to be transferred or new licenses granted
- is the business being sold as a going concern for GST purposes
- are there any restraint of trade conditions to be imposed on the Seller
- are there any employees. If so, are they staying on with the business after settlement
- is the business subject to any encumbrances, such as on the PPSR
- what are the stamp duty implications of the transaction
- settling the transaction and dealing with post-settlement matters
As you can see, there are a number of steps in a business conveyance. Often there is an overlap of other areas of law as well, for instance:- IP law, employment law, property law. Also, given each business is different there could be additional steps depending on the nature of the transaction, such as:- liquor licensing, food licenses, trade waste, issues under the Retail Shop Leases Act 1994, body corporate by-laws, etc
The above is an example of some of the various issues to be considered in a business conveyance. Business law can be a complex area of law. At Greyson Legal we help you deal with these issues to ensure:
- all steps in the business conveyance process are appropriately addressed;
- your risk exposure is minimised;
- the transaction is settled as smoothly as possible.
From time to time Contracts of Business Sale cannot reach settlement. This maybe due to such things as the Buyer being unable to obtain the necessary finance to purchase the business. We make sure you understand:
- the key dates under the Contact; and
- your rights, such as:- how any termination rights under the Contract may apply.
Need help on how to buy a Business ? Considering selling a Business ?
Business LegalRisk Management
Risk Management (RM) involves assessing the likelihood of an event occurring that in some way impacts on you and putting in place appropriate processes to reduce or avoid the risk.
If you are in business or contemplating acquiring a business it is important to understand the RM process. By ignoring risk or failing to give it appropriate attention, adverse consequences could arise that could, for example, damage the reputation and credibility of yourself and the business or affect the financial viability of the business.
If risks are not properly identified - they cannot be adequately analysed, evaluated, treated and monitored.
At Greyson Legal | Business Lawyers, we can:
- undertake a Legal Risk Management Audit of your business;
- provide a Legal Risk Management Report, providing guidance on actionable risk minimisation strategies;
- advise and assist you with implementing risk management practices to help minimise the level of risk faced by you and your business.
A business name is a trading name that helps customers recognise your business.
Registration of business names in Queensland is:
- governed by the the Business Names Registration Act 2011; and
- administered through the Australian Securities and Investments Commission (ASIC).
Generally, if you trade under your own personal name, such as "Joe Bloggs", and just give a description of your occupation, eg. "Carpenter" – it is not necessary to register a business name. So, the name "Joe Bloggs, Carpenter" would not normally require registration.
If, however, you trade using a name that is different to your own your personal name, then registration is required. For example, "Joe Bloggs Carpentry Services" would need to be registered.
If you have a company registered with ASIC such as "XYZ Pty Ltd" and use that entity as the legal owner for a business. For example, XYZ Pty Ltd trading as Joe Bloggs Carpentry Services - then, you would need to register not only the company name but also the business name.
If you are required to register a business name and do not comply with the legislation, it can lead to a fine being issued.
Business Names and Trademarks
Did you know that registering a business name does not provide any proprietary or enforceable rights to that name.
To obtain proprietary rights, the name must either satisfy the criteria for a common law trademark or be registered as a trademark.
If you value the goodwill connected to your Business Name and are either unsure if it is trademarked or require trademarking assistance, contact Greyson Legal.
Business Consumer Rights
The media often talk about protections for consumers when buying goods and services. Did you know that as a Business owner you may also be considered a consumer and as such receive certain consumer law protections. Generally, as a Business owner you have consumer rights under the Australian Consumer Law if the goods or services you buy to help you operate your business are:
- under $40,000; and
- not purchased for later resale in your own Business.
For example, under the Australian Consumer Law (ACL) there are certain consumer guarantees on goods and services. These consumer guarantees may include that goods and/or services:
- are of an acceptable quality
- match their descriptions
- are fit for their purpose
- are unencumbered (unless otherwise disclosed)
- meet any promises as to performance, condition and quality