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Business Succession Planning
To ensure that your wishes for your business are carried out after your death, and the company does not end up being managed by someone you’ve not appointed yourself, you should start thinking about business succession planning. The solicitors at JMW have helped many business owners ensure their wishes are met when they die.
Protecting Your Business
The business succession plan you put in place will depend on whether you are a sole trader, LLP member, director or partner. For instance, if you are a sole trader, you might want to appoint a special executor in your will to run your business following your death. If there is more than one shareholder, you should ensure a shareholder agreement is in place.
For partners, a key man insurance policy should be in place to allow the other partner to buy your shares when you die. A partnership agreement should also be in place to ensure dissolution does not occur on yours or your partner’s death.
Regardless of the structure of your business, our solicitors are here to help and will provide advice and guidance to ensure your interests are protected. We can also provide assistance in winding down your involvement with the day-to-day running of a company.
Why Choose JMW?
Our team has helped many businesses of all sizes and in all sectors to put plans in place to ensure that their wishes are carried out. We draw on our commercial law experience to draft comprehensive business succession planning documents that protect your interests and aim to
We are also happy to offer regular reviews of these plans to make sure any changes to the business are taken into account. Also, if you want your business to be wound down or split up and sold after your death, we can help put these plans in place.