When you purchase or sell a business, you can either choose to deal with the transfer of shares or assets. There are different considerations to take into account, such as the potential to reduce liabilities or to take advantage of tax benefits, which you should discuss with your advisors (your accountant, business broker, and lawyer) before making or accepting an offer. For example, by purchasing specific assets of a business rather than the shares, you can avoid taking on the liabilities of the company (including debts, lawsuits, and employee disputes).
ASSET PURCHASE AGREEMENTS
The business and property lawyers at Morris Law can assist you with drafting and reviewing the agreement of purchase and sale to ensure that the contract covers all of the target assets, and that the terms of the agreement are reasonable, while clearly setting out the obligations of both the vendor and buyer.
A business asset purchase targets some or all of the company’s assets, including the following:
- Vehicles
- Equipment and tools
- Business / Liquor Licences
- Client lists
- Intellectual property
- Websites and phone numbers
- Contracts
- Inventory
- Leases
DUE DILIGENCE
Part of our role when assisting a purchaser or seller in an asset sale is to perform the necessary due diligence, which may include Personal Property Registry searches, and a review of all licences and agreements which are to be transferred, to ensure that the assets are free and clear of any encumbrances or restrictions which would impact the ability transfer the assets on the closing date.
We will also work with opposing counsel to finalize the closing documents in a manner which reflects the intention of both parties before meeting with you to review and explain the terms of these documents at our in-person meeting.
YOUR VANCOUVER BUSINESS LAWYERS
At Morris Law, we are established business and property lawyers located at a convenient location in Gastown, Vancouver.
Whether you’re looking to purchase or sell business assets, you can rely on us to perform the transaction with diligence, professionalism, and with the least amount of hassle. We will ensure that you are kept informed and that your interests are protected, while working with all involved parties to get the deal done.
We have represented clients with businesses just like yours in the following industries:
- Restaurants and Bars;
- Hair salons;
- Fitness centers;
- Painting and wallpaper installation companies;
- HVAC businesses;
- And more.
Contact the lawyers at Morris Law today by filling out the form below or emailing us at [email protected].
