Business is running smoothly, and you and your business partner have an amazing working relationship. You’re dealing with day-to-day tasks, forecasting results, and anticipating challenges to your business. It is probably the last thing on your mind to plan for what you would do if something were to suddenly happen to your business partner.
If you don’t have legal documentation in place to determine what would happen in the tragic event that your business partner was to die or become permanently incapacitated, there could be significant negative impacts to your business and to your personal relationship with your business partner and/or their family.
With enough foresight and the necessary legal agreements in place, some anguish and disruptions to your business can be circumvented.
Unfortunately, without legally documented agreements in place, the death or incapacitation of a business partner can have disastrous consequences for your business.
In the unimaginable circumstance that your business partner dies or is permanently incapacitated, best practice is to have in place legal partnership agreements and formal succession planning drawn up by a legal professional.
You should address the following throughout the process:
It is important to have a legal professional draw up these items for you:
Our legal professionals can help you draw up a business partnership agreement to ensure that each partner knows their rights and responsibilities. It will also define policies for what should happen in this worst-case scenario.
Our succession planning experts can help you ensure that you retain financial security and minimise tax liabilities during the transfer of ownership or management.
We can guide you through the Will & estate planning process, answering any questions you may have along the way, giving you the confidence that you will be leaving your business and family secure.
We have vast experience in business valuations that take into consideration all aspects of your operations.
If something has already happened to your business partner without legal agreements in place, we can also offer legal advice.
With some forward planning and formal legal agreements in place, some distress and interruptions to your business can be avoided in the heart-breaking event that something were to happen to your business partner.
Take control of your future today by meeting with the Geelong-based Legal team at The Hrkac Group. Call us today on 03 5224 2366.