A business partnership can be a very effective way to pool together skills and resources in order to work toward a common goal. However, what happens when one of the partners in a business passes away, retires or becomes otherwise incapacitated? Do you have a plan for what to do if this happens in your business?
If you are a partner in a business, your share of that company might be one of your largest financial assets. Therefore, it is important that you take steps to protect it for the benefit of your family. It is also important to have a business continuation plan for the benefits of the other partners. This also applies to directors of private limited companies.
This can be a complicated situation to deal with and it can be very difficult for the parties involved to determine the best way to reach a conclusion. In order to ensure that an agreement is reached that is fair to everyone so that the business can continue, it is beneficial to enlist the help of an experienced financial advisor. Here at Taylor Brunswick, we can provide you with the kind of help and support that you need to manage this type of situation.
Taylor Brunswick can help you to implement Business Protection Plans, based on a suitable legal arrangement that can provide a simple way to protect the interests of the partners and shareholders. We will take our time to understand the situation fully, so that we can offer you customised solutions that are ideally suited to your needs.
Without a strategic plan in place, the loss of a partner in a business can have devastating effects. Take the time to plan for this possibility and to protect the company for the future.
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