Why use a lawyer?
Business purchase & sale is a complex transaction involving various parties, and usually a substantial amount of money. Using a lawyer increases the likelihood that the transaction will be concluded successfully in the manner envisioned by the buyer and the seller. Doing it right pre-empts later issues which the self-represented parties just did not consider.
If you would like to learn more about business purchase & sale transactions, please don’t hesitate to contact us.
Frequently Asked Questions
Business Purchase and Sale
Independent Legal Advice (“ILA”) refers to legal advice given by a lawyer who is not involved in the transaction with the client. ILA is usually required by lenders and other sophisticated parties who want to ensure that their clients are fully informed of the content and consequences of a transaction. ILA should be obtained by any person who is self represented and who is involved in a transaction where all, or some, of the parties are represented by the same lawyer.
This question must always be considered, and a decision should be made after consultation with your lawyer and accountant. There is an adage that states that purchasers’ prefer to buy assets and vendors’ prefer to sell shares. To see how this applies to your transaction, speak to our commercial lawyers.
Independent Legal Advice must be obtained as early as possible, even before any formal legal steps are started.