There are many successful businesses with two or more owners who have no agreement
or contingency planning for a number of critical events such as death, disablement
or serious illness. An effective agreement should include provisions to accommodate
the purchase of shares between parties should a critical event happen.
The main funding mechanism to accommodate this purchase is an insurance policy.
But who should own it, what level of cover is required and who should pay it, are
all-important issues. There is a range of possibilities with varying
taxation consequences,
some severe.
Your solicitor, who will prepare the agreement, will work closely with our team
to ensure your succession needs are met. The agreement can also cover other critical
events such as voluntary retirement, forced retirement via expulsion by other partners,
criminal offences and bankruptcy.
IMPORTANT INFORMATION
Any advice contained in this website is general advice only and does not take into account the reader’s personal circumstances. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances. Please do not act on this advice until it’s appropriateness has been determined by a qualified financial adviser.