Preserving Your Business Assets for the Benefit of Your Family.
Safeguarding your business during your lifetime and for future generations will ensure your loved ones are provided for in the way that you wish.
What is it for?
Business Succession planning can help to minimise the effects of the death of a business partner.
What does it do?
Without a valid Will, the deceased's share would be subject to the Laws of Intestacy and the person who inherits may not be the person you intended. Business Succession planning will help avoid this you having to work with your partner's surviving spouse or beneficiaries and avoid a situation that might impact on the running of the business and possibly its value.
Your spouse, partner or children may not inherit your share of the business and business partners may not be in a position to buy your share, leaving your family facing financial problems.
If the business needs to be sold, the proceeds will become subject to inheritance tax.
How does it work?
You will need to discuss with your business partners and family what you would like to happen to your share of the business after your death.
We can then help you to legally document your decision to ensure that your wishes are carried out as tax efficiently as possible for everyone involved.
Do I need it?
If you own a business in partnership with others, it's vital that you look after your share for a range of likely eventualities. Protecting your business in this way will make sure that the asset you're working hard to build will go to the people you want it to with the least upset and effort on their part.
What are my options?
Ask us - we make getting a Succession Planning quick and easy because we ask the right questions, research your options and present the best, most cost-effective solution.
You can be confident in advice provided by an experienced Chartered Accountant with years of experience of helping individuals and their families to address these issues.
Please call us on 028 3833 8000.