Like most financially responsible people you’ve probably written a personal will. No doubt you did this to make sure that your estate goes to your chosen beneficiaries in the event of your death, rather than be decided by the intestacy laws.
But what about your business? What would happen if you, or one of your co-owners died or had to retire through ill health?
Do you have a business will? Do you have a succession plan? Have you established a process that will ensure that the business could be bought by the remaining co-owners for a fair price?
If not, it might be worth thinking about what the consequences could be for you, your family or your business.
However if a business has just lost a key co-owner or partner, it’s fair to assume that it’s unlikely to have enough cash flow to be able to buy that share. Borrowing funds from the bank is one solution, but in the current economic climate, how easy would that be?
Being unable to buy these shares or remaining part of the business, or having no agreement in place to manage this situation, could lead to expensive legal action, loss of control of the business and financial difficulties for the dependants.
We are specialists in creating business wills for Sole Traders, Partnerships and for Directors of Limited Companies. We look at your current arrangements and make sure that they allow for proper control of the business for the remaining co-owners,at the same time as providing the funding that guarantees a fair value for the outgoing owner or his or her beneficiaries.
We provide a free initial audit of your business. This will include a business intestacy audit to see if your 'Business Will' is correct or needs updating;
a Liability Audit to see what money is needed on the death of the business owners: and a Business Property Relief Audit to see if all or some of the business assets qualify for this relief.
We will look at all taxation issues, Capital Gains Tax, Inheritance Tax and establish if you Business qualifies for part or whole Business Property relief.
We can provide expert advice in business succession planning, exit strategies and also ensure that you maximise the use of Business Property Relief for Inheritance Tax.
For an initial discussion, call Paul Humphreys on 01691 652233
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