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Buying a business

There is no definite method to ascertain the takings or profits of an existing business.

A purchaser can ask to look at the accounts, owner's tax returns and references from suppliers, creditors, the bank and accountant.

If a company owns the business, basic information regarding the company and its owners and directors can be obtained from the Australian Securities and Investments Commission. Before buying a business, it is best to spend a period of time running the business with the owner to gain familiarity with its operations.

Buying a business  :  Last Revised: Tue Jan 10th 2017
The content of the Law Handbook is made available as a public service for information purposes only and should not be relied upon as a substitute for legal advice. See Disclaimer for details. For free and confidential legal advice in South Australia call 1300 366 424.