You and your business

Have you built up a substantial business over a number of years or are you new in business? Either way your business could be forced to close due to the death or serious  illness of a partner of key person.

What will your  partners or co-shareholders do with the business on your death?

If you could not work, would your share of the profit continue to be paid without complaint. Could the business function without you?

Who do you employ that is key to the bottom line of your business? How much would it cost to replace that person on short notice?

Do you have lending within the business that is backed up by personal guarantees or even secured against your home? Who will pay that lending if you cannot.

Did you know?

Without adequate planning Sole Traders will expose their family to the cost of salaries and redundancy pay for their staff on death.
Partnerships will normally be carrying ‘joint and several’ liability for all debts. Meaning if your partner cannot or will not pay their share you will have to pay it all