Protecting your business in the Legal Planning sense, also protects your shareholders investment, as well as the jobs of your employees. And, at the same time, you and your family. Better still, your accountant may well consider that the taxman should subsidise our fees! Now we are not going to give away all of our secrets here, but employers, sharefolders and employees alike should learn something usefull. Business partners too.
Lasting Powers of Attorney protecting business owners and others.
When a business owner or partner has an accident, stroke or other illness where there are temorarily or permanently unable to make rational decisions in good time, there will be trouble. A scarily high proportion of people have mental problems at some time on top of everything else. So what happens? In many cases, no business decisions can be made. Bank accounts can be closed for the duration (perhaps just before the payroll run.) The business can’t be sold, at least, not without a Court of Protection Order.
So what needs to be put in place? A plan consisting of Lasting Powers of Attorney, Shareholder or Partnership Agreements and Wills. All carefully thought through with experts who will sometimes challenge your initial thoughts. Ultimately, all this is your decision, but legal and tax reality sometimes means other options at least need to be considered.
Protecting your business: Business Planning Wills.
Business planning Wills need to cover all sorts of issues which many will drafters will not even be aware of. Are family executors right for both sides of the job, both winding up your estate, and making sure your business survives? Do they understand the urgency of dealing with things before the business is wrecked and the staff become unemployed? Is the Will set up in the most tax efficient way? Who should end owning the business? Will they be able to work effectively with any remaining owners or would they be better off with cash instead? Where will that cash come from?
Protecting your business: Partnership and Shareholder Agreements.
With companies, the Memorandum and Articles of Association may well need to be amended to secure everyone. Then Shareholder and Partnership agreements need to be looked at to make sure they are relevant, remain sensible and tax effective.
Protecting your staff: Staff Benefit Schemes.
We operate a Legal Staff benefit scheme for many firms who offer free or subsidised Wills and Powers of Attorney.