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Would you really want your business to go this way? It may do if you have not made a 'business Will'. What would happen to your business if you or your co-business owner(s) died today?
PROTECT YOUR FAMILY
If you have answered no to any of these questions then you need a Business Will.
PROTECT YOUR BUSINESS
Whether your business is a Partnership or a Limited company there are simple solutions.
PARTNERSHIP Agreement
The solution is Partnership Protection with a succession agreement. This is an agreement between you and your partner(s). It gives the surviving partner(s) the right to buy the share of the deceased partner. In order to provide the money, a life cover policy is taken out on each of the partners. This cover is basic life assurance and is highly cost effective. You can have the peace of mind that your family will be able to sell your share of the partnership to your co-business owner at the price agreed between you. Your family is then financially provided for. Likewise, the surviving partner(s) have the security of knowing that you have the right to buy your deceased partners share - his/her family cannot refuse to sell it to you.
LIMITED COMPANY - Directors Share Agreement
The solution is Shareholder Protection with a succession agreement. This is an agreement between all of the shareholders. This agreement puts plans in place so that if one of the shareholders died, the other shareholders would have enough money to buy out the deceased shareholder's share of the business. In order to provide the money, a life cover policy is taken out on the lives of each of the shareholders. The cover is basic life assurance and is highly cost effective. You can have the peace of mind that your family will be able to sell your share of the business to the other shareholders at the price agreed between you. Your family is then financially provided for. Likewise, you the surviving shareholder(s) have the security of knowing that you have the right to buy the deceased shareholders share - his/her family cannot refuse to sell it to you. Care must be taken when choosing the wording of the agreement - as any business property relief may be lost rendering the shares liable to Inheritance Tax (visit out site the Inheritance Adviser.com).
Do not wait - get some business protection advice right now, Contact us. You have nothing to lose.