Failing to protect your business against the loss of key people can be catastrophic, yet this poses one of the most common risks to an organisation.
There are different types of business protection available depending on the setup of your company and its particular needs. Business protection is available for partnerships (including limited liability partnerships), sole traders, shareholders and key employees.
Additionally, suppose a partner in a business dies without having made a Will passing over their shares or control over to the other key stakeholders. In that case, you could find yourself in a situation where you cannot make critical decisions or transactions requiring countersignatures. Similarly, a deceased partner’s spouse may then inherit their shares in an organisation which would mean you end up with an unintended business partner whose ideas and values may not align with your own.
Drafting a business Will allows you to define your intentions for the company’s ownership in the event one of you should die.
Our highly experienced Private Client Wealth team can advise which products best suit a business owner’s circumstances. We also strive to make our recommendations as tax-efficient as possible for our clients.
Our specialists can also help with business succession planning to ensure your shares in your company are passed on to your intended beneficiaries.
Disclaimer: This service is regulated by the FCA.