There may come a time when you require your commercial lawyers from robertsonhayles.com.au to assist you in the process and legalities of selling your business. As you might expect, selling a business is not something that should be done without due process and due diligence, and given that the transaction may involve huge dollar amounts, it requires each element of the sale to be properly thought through and enacted.
One of the matters which will require particular attention if your business operates out of leased premises such as a retail store, an office, or a manufacturing facility, is the process of transferring the lease for those premises to the new owner of your business. This will depend upon whether the new owner wishes to keep the business in its present location and thus its current premises or chooses to move the business to a new location and new premises.
If they wish the business to remain where it is then there needs to be action taken so that they can become the new tenants of those premises. This can be achieved in one of two ways. The most common way is for you to assign the lease for the premises to the new owner. The second way is for you to end your lease by surrendering it, and for the new business owners to concurrently negotiate and agree to a new lease with the commercial landlord.