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This is the means by which partners can ensure that their business can continue in the event of death or illness of a partner.
This can be achieved by:
A binding contract that forces the deceased partner’s estate to sell his/her share in the partnership and the surviving partners to buy the share.
This agreement will loose any Business Property Relief.
The deceased’s heirs have the OPTION to sell and the surviving partners have the OPTION to buy, within certain timescales. Whichever party invokes the agreement, the other party must abide with their wishes.
With this option the use of Business Property Relief remains intact.
Alongside these agreement the partners will effect life policies in trust for the surviving partners to allow them a means by which they can purchase the deceased partners share of the business.
Contact us to find out more about Partnership Protection for your business.
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