According to the Australian Bureau of Statistics (ABS), small businesses are a vital component of the Australian economy. The ABS defines a small business as an entity that employs fewer than 20 employees. Small businesses are responsible for a significant portion of employment opportunities in Australia and contribute to the overall growth of the economy.
 

The ABS reports that as of June 2020, there were 2.4 million small businesses operating in Australia, representing 98% of all businesses in the country. These small businesses employed approximately 5.7 million people, accounting for 44% of all employment in Australia.

Small businesses are found in a variety of industries, including construction, retail, and professional services. They often have a significant impact on the local communities in which they operate, providing goods and services to residents and supporting local employment.

Small businesses face unique challenges, including limited access to finance, difficulty competing with larger businesses, and a lack of resources to invest in new technology and innovation. However, small businesses are known for their agility and ability to adapt quickly to changes in the market, making them an essential part of Australia's economy.

Southern Legal is experienced in assisting clients in the buying and selling of existing small businesses, the transfer of equipment and inventories, employee entitlements and the preparation and transfer of commercial and retail leases. We are also well experienced in the conveyance of commercial freehold premises.