Business Considerations
Have your own Business but no Will or Business LPA?
Who would be entitled to your share?
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. Would you or your business partner be content to run your business with their surviving spouse or their beneficiaries? This could have a major impact on the running of the business or the value of the business may now go down following the death of such a key person.
Without the appropriate Business Succession strategies:
- Your spouse / partner and children may not inherit your share of a business.
- Business partners may not be able to buy out the deceased’s share.
- The surviving spouse or children may be obliged to take over the running of the business.
- The value of the business could depreciate owing to the inexperience of any beneficiary.
- The business may have to be sold and the proceeds become liable to Inheritance Tax.
Even if you have a Will, is it up to date with the latest legislation, Company Law, Inheritance Tax and Capital Gains Tax considerations. A straightforward Will Check can find out, and give you recommendations, and peace of mind.
Rugby Wills are able to assist in all areas regarding the planning surrounding Business Succession. The primary recommendation is not to wait, get something in place to prevent your business interests not being put in the hands of those who don't care about it. If you're not 100% certain your existing Will is upto the job, get us to check it.
Business LPA
Most people are aware of the standard Health or Property LPA's for individuals, but the is a Business LPA. This allows your trusted partner/director etc to look after the business on your behalf and keep it going, or if you wishes, close it down as if they were you. This gives them many powers with the HMRC, Finance, Companies house etc. Rugby Wills can put this in place as part of a business succession stratagy.