Fees buying a business

[Andrew1960]

Hi guys,

In the state of Queensland are there any big fees associated with buying a business that I should be aware of?

I’m fairly certain stamp duty has been eliminated but don’t want to be caught off guard. The business is priced at $5,500,000 and is ‘going concern’.

Thanks

(actually I think I’m wrong about stamp duty)

[bb1]

I would be checking out the Queensland business website, I know our state one is an excellent resource for information. Plus if you have a good accountant and solicitor (which you will need both anyhow), they should be able to provide some advise

[LucasArthur]

Howdy Mate,

At 5.5 Million, i would have an accountant cast their eyes over this and ensure you are crossing all the t’s and dotting all the ‘i’s…

Know its not the answer you were looking for, although getting the calculations wrong at that value.. ouch

Jason

[Paul – FS Concierge]

It sounds like you are asking the question without having been to an advisor for professional Due Diligence.

A lot of people know how to make a Balance Sheet look better than it actually is.

For this reason, it might be worthwhile seeking a second opinion and you can include your questions in the advice you seek.

Good luck.

[Andrew1960]

Thanks for the comments.

I’ll definitely be speaking to a solicitor and my accountant.

[businesstrade]

Andrew1960, post: 270524, member: 102355 wrote:

Hi guys,

In the state of Queensland are there any big fees associated with buying a business that I should be aware of?

I’m fairly certain stamp duty has been eliminated but don’t want to be caught off guard. The business is priced at $5,500,000 and is ‘going concern’.

Thanks

(actually I think I’m wrong about stamp duty)

Speak to a professional – solicitor & accountant before making such a large acquisition.

Making assumptions based on information provided online could be extremely costly when dealing with such large figures.

[Author]

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