If you’re buying a business and this isn’t in your contract, it could cost you an extra $100,000. One of the most important details in a business sale is whether it qualifies as a going concern. If it does, GST doesn’t apply to the purchase price. If it doesn’t, you may be required to pay GST on top of the agreed price. Here’s where it gets risky. You agree to buy a business for $1 million, but the contract doesn’t clearly state that the sale is a going concern. Suddenly, you’re finding an extra
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