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When buying a business in Australia, it is important to understand the legal requirements to ensure a smooth and safe purchase. Buyers need to review the business structure, check if all licenses and permits are valid, and make sure contracts with suppliers, staff, and landlords are properly transferred. It is also necessary to check outstanding debts, tax obligations, and intellectual property rights like trademarks or patents. A written contract of sale should clearly outline what is included, such as stock, equipment, or goodwill. Conducting due diligence with the help of a lawyer and accountant is strongly advised, as it helps identify risks and ensures that the business is legally compliant before finalizing the purchase.
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