What is a Business Will?
A Business Will is an agreement that commonly takes the form of a buy and sell option (buy/sell agreements) between the owners, and is a key document for businesses. The Business Will ensures the smooth transition of the ownership of a business in the event of a death, total and personal disablement or trauma of a business owner.
It is very important to ensure that expert advice is sought, so that Capital Gains Tax (CGT) is not triggered unnecessarily. A Business Will is one of the most important documents that can protect your business and your family now, and in the future.
A correctly structured Buy/Sell Agreement and Business Will will have the following attributes:
• It can specify responsibilities, obligations, capital requirements, funding and management
• It will contain compulsory buy/sell provisions
• It avoids uncertainty for business & family as the process is structured and seamless
• It can contain restraint obligations, confidentiality etc
• It allows for a smooth transition of ownership on death, total and permanent disability or trauma
• Funding by insurance relieves financial pressure on the business and continuing owners
• It deals with the event of a shortfall in funding
• It has an agreed formula to value the business on a trigger event
• It contains dispute resolution provisions
It is important that you speak with a member of our team as soon as possible. You will never know when your circumstances change which could impact your business at any stage. If you wish to speak with our team, please feel free to call or email our office today. Our Wills and Estates team have extensive experience in Buy/Sell Agreements and Business Wills.
Don’t hesitate and talk to our team today to ensure your business and personal assets are protected. Contact us now.
Call 07 3035 4077 to speak with our team now