As a business owner you will have many personal legal needs.
We understand how easy it is to ignore these but it’s important to address them, not least because your own needs are so intertwined with the needs of the business. How would the business survive without you driving it? How can you provide for your family without forcing a sale of the business? Will the tax payable on your death undermine the future viability of the business? How will you balance the needs of the business and your family?
It is fundamental to your business continuity planning that you consider your personal arrangements and give due consideration to issues of personal taxation, powers of attorney and Wills. We have extensive experience in advising business owners in relation to their continuity policies and in wider estate and tax planning. We have tailored packages specifically for the business owner which provide good value access to the following relevant service areas:
Who will you gift your business interest to? Do your family want to be involved in the business after your death? Are your children old enough to take charge? Does your business partner want your family to be involved in the business? How will the value of the business be realised? These are just some of the questions you need to be considering and we will be able to help you find the answers.
Powers of attorney
If you couldn’t make decisions about the business then how would the company operate? Loss of mental or physical capacity can strike at any time through accident, sickness or stroke. If your decision making is important to the business then you must ensure you have a contingency. We can review your company constitution and any trustee roles you hold to provide advice as to the most appropriate use of powers of attorney.
It may also be necessary to consider whether you require separate powers of attorney for both your personal interests and business interests, not least as you may wish to appoint different attorneys.
How will you make best use of the inheritance tax reliefs which apply to business interests? Business owners can qualify for generous tax reliefs and it is important that you make the most effective use of these reliefs.
It’s important that all your professional advisers work together to secure the most appropriate solutions for you and your business. We work particularly closely with independent financial advisers, accountants and surveyors and will be happy to work with your existing advisers. If you don’t already have an adviser in these fields then we’ll be happy to introduce you to one of our trusted contacts.