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Business Protection
In privately owned businesses it is usually undesirable for the beneficiaries of a deceased stakeholder to take a continuing interest in the business.
They want to receive payment for the deceased’s interest in the business whilst the surviving shareholders/partners want to buy out the deceased’s interest. However, there needs to be an agreed procedure for valuing a stakeholding and for the sale/purchase in the event of death.
These arrangements involve establishing suitable life assurance policies for the shareholders/partners of the business combined with appropriately worded shareholder/partnership agreements that identify the procedures to be followed in the event of the death or long term disability of a stakeholder.
It is important that these agreements are properly drawn up by an experienced commercial lawyer as there are tax traps for the unwary.
At Hart Brown we can help you form a shareholder/partnership protection strategy and deal with its implementation. Our Commercial Business department can deal with the legal aspects and our financial planners with insurance and other relevant financial products to provide you with a one stop shop.
To speak to someone who can help with protection for your business or any other type of financial planning call, email or request a call back from one of our specialist lawyers.