Normally, a Sole Trader will know whether the business will simply close on death or they may wish to pass the business to another person in their Will. Our aim is to make sure that this happens.
If a Partnership has a partnership agreement in place, this may have provision for what is to happen to a partner’s interest and whether the business is to continue trading after a partner has passed away. Our aim is to ensure that the partner’s Will reflects the partner’s wishes.
In Limited Companies, it is incredibly important for the Directors and shareholders to consider who they would want to inherit their interest in the business. If this is not considered, a person disconnected to the business could suddenly become involved in decision making and this may conflict with the surviving directors and shareholders.CONTACT US
The ability to transfer shares may be restricted by a Company’s Articles and it is therefore extremely important for the business owners to plan ahead to find the best way of passing on their interest in the business. This may involve advice regarding the company Articles, shareholder agreement, life policies and cross option agreements.