Business & Commercial
Buying or selling a business requires clarity about what is changing hands: assets, shares, contracts, goodwill or other interests. A price agreement does not settle every condition or liability associated with completion.
General information only — not legal advice. This Australian overview is not a statement of every state or territory’s law. Check the jurisdiction and current requirements with an appropriately qualified adviser.
Due diligence, contract drafting and completion administration are different tasks. Leases, employee arrangements, licences and third-party consents may need separate attention. Ask who is checking financial information and who is assessing legal risks so important work is not assumed to be included.
Organise the following material you already lawfully hold. This is a preparation list, not a complete evidentiary requirement. Ask the verified adviser what they need and how to send it securely.
Keep originals and dates intact. Use a short initial enquiry for a conflict and suitability check before sending sensitive documents.
Identify whether the proposal concerns assets, shares or another structure and disclose commitments already made. Ask for a responsibility map covering contract review, investigation, premises, staff, consents and completion. Assign financial and tax questions to the appropriate adviser rather than leaving them between scopes.
A signed sale document does not demonstrate that every licence, contract or premises arrangement can continue as expected. Ask which assumptions depend on another party’s consent or a separate process.
Exactly what is being transferred, and which liabilities or consents need separate assessment?
Ask the adviser to explain the assumptions behind the answer, any missing information and what would change the proposed next step. You can request an initial assessment without assuming that full representation is included.
It should help distinguish known issues, missing information and decisions requiring further advice. Ask for clear follow-up responsibilities. A report is not a guarantee of the business’s future performance or that every risk has been found.
Compare the defined work and exclusions, not just the initial price. Ask about GST, third-party expenses, later stages and what happens if the scope changes. Our legal fees guide explains useful questions, and the comparison worksheet helps record proposals.
For a related legal task, read corporate law & m&a. Use both sets of preparation questions if your enquiry spans the two tasks.
Define the work before comparing the fee
Identify the business entity, the commercial objective and the stage of the transaction or disagreement. An owner’s personal position, a company’s interests and another participant’s interests may require separate advice.
Mention connected issues when you enquire. One engagement may not cover every part of your situation.
Use these primary resources for background and current pathways. A state-specific resource is an example for that jurisdiction, not a rule for all Australia. Broad regulator and tribunal links do not establish your eligibility or a legal entitlement.
Business-purchase due diligence; not a review of a particular transaction.
Contracting background; applicability depends on the parties and agreement.
Our document lists, questions and examples are original editorial preparation prompts. Follow the relevant authority for current requirements and seek individual advice before acting.
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