The sale of a small business is regulated under the Land and Business (Sale and Conveyancing) Act 1994. You are legally obliged to provide a prospective buyer with a Vendor's Statement - referred to as a Form 2 in the Act (located between page 67 and 109 of this document) - for the sale of a small business if the business is to be sold for a price of up to $300,000.
This price does not include:
The vendor’s statement includes:
The vendor statement must be endorsed by a qualified accountant - who is not the vendor - certifying that he or she has examined the accounts of the business and that the financial particulars disclosed in the statement appear to conform with the accounts.
Where the business is outside the scope of regulatory requirements the prospective buyer is still likely to require them before making a decision to purchase.