If you are a business owner, it is essential to have the proper documents in place to cover all eventualities.
This includes a Will, Lasting Power of Attorney, life assurance and a shareholders agreement.
Your accountant, legal adviser and financial adviser can all help in putting these documents together for you and your business.
Nearly 40 per cent of businesses have no life insurance policies in place to help buy the shares of a recently deceased business owner, according to Legal & General. The provider interviewed 826 senior staff, finding 37 per cent of businesses (with two or more owners) did not have this form of cover, with 57 per cent of small businesses stating this was the case within their company.The research also revealed that 30 per cent of business owners have no will and no specific instruction in place on what should happen with their shares upon death.