Form 2 Preparation - Business Sales South Australia
Thinking of selling your business? If the answer is yes then there are a few things to consider before you sell to ensure you get the best price possible. You will have a few obligations to fulfil such as notifications to government and of course taking care of your employees. At Gilberts Accounting we can help you with all the necessary Financials and Paperwork to help you prepare the accurate information you need for a hassle free sale and a great result.
It’s very difficult to put a price on all the hard work and care that’s gone in to building your business, so it will be no surprise that coming up with the right figure won’t be easy. There are a few things that will help you determine an appropriate sale price for your business such as valuing your tangible and intangible assets, hiring and independent valuer or just setting the price you want and seeing if anyone is interested.
Form 2 Requirements
Once you’ve valued the business, there’s quite a bit of paperwork and financial reporting you’ll need to do and one of the most important of these tasks is the Vendor Statement also known as Form 2. This form is required under the Land and Business (Sale and Conveyancing) Act 1994 and is applicable to all small businesses being sold at a price of up to $200,000. There is certain information that must be disclosed in the Form 2 - from the business address, trading statements for the past 3 financial years, cooling off rights for the buyer, land and tenancy agreements, stock and employees, business structure and licenses amongst others.
How We Can Help
At Gilberts we can help with all your Form 2 needs making preparation much easier. Once the form is completed it must be endorsed by a qualified account. We can certify that your accounts have been examined by us and everything included conforms to the requirements of the Act.