Important Information for Business Owners

Transcription

1 Important Information for Business Owners Website: Securing Futures for Everyone Supporter In association with

2 We are a firm of Will Writers and Estate Planners and Administrators. Our Legal Department have more than 30 years experience in Will Writing and Estate Planning and Administration. We even provide training for other Will Writing firms. We will visit you at home or your place of business if required. You will not need to travel or to lose time from work in order to talk to us. Writing a Will for a business owner is a job for an experienced specialist. We can offer you that experience and that speciality IT S NEVER TOO EARLY BUT OFTEN, SADLY, TOO LATE TO MAKE A WILL. DON T RISK IT!

3 Question My business is in the form of a Sole Trader/Partnership/Private Limited Company does that present any problem for passing on my business interests? Answer:- Sole Trader Without a properly worded Will your Personal Representatives will not have the Power to carry on your business and must sell it for what they can get for it.

4 Partnership Without a written Partnership Agreement to deal with the death of a Partner, the Law says that the Partnership is ended. A properly worded Will should reflect the provisions of a Partnership Agreement. Your Business Partners may not be happy to accept your beneficiary as a Partner

5 Private Limited Company Do the provisions of the Articles of Association of your Company permit what YOU wish to do with YOUR share in the Company?

6 Our Legal Department have more than 30 years experience in dealing with Wills, Power of Attorneys, Trusts and Estate Administration for business owners and their families. As a business owner you will be aware of the many pitfalls and obstacles you need to overcome to make your business successful. No doubt much financial planning and careful management goes into making a success of your enterprise. Sadly what is often overlooked is the underpinning of all the hard work by writing a properly worded Will. Such a Will can enable you to make provision to maximise tax relief available to business property owners and even carry that relief to a later generation. You can enable persons nominated by you to carry on the business, provide an income from the business to your spouse/partner for life and then pass on the business to children, grandchildren or other nominated beneficiaries in a tax efficient manner. We visit our clients in their home or place of business, if required, in order to discuss their needs and to take their instructions. They do not need to lose time from work or to travel anywhere to get a Will made.

7 MY BUSINESS IS MY PENSION!! Many hard working business owners take this view and put all their efforts into making it come true What happens if the business owner doesn t survive to retirement? Is their any relief from Inheritance Tax for my business interests? Can I extend that relief beyond my life and the life of my spouse/partner? Can my business be carried on to provide an income for my spouse/ partner during their lifetime? Can my Executors carry on my business until my children/grandchildren are old enough to take it over? The answer to all these questions is YES, PROVIDED you have put a properly worded Will into place.

8 Prestige Tax & Trust Services are proud to be associated with RM Consultancy, who, headed by Robert Moseley LLB.(Hons) MIPW, has been providing expert Legal Services Products since the 1970 s. As well as earning a law degree, Robert is also a full member of the Institute of Professional Willwriters (IPW). The Institute of Professional Willwriters was founded in 1991 as a self-regulatory body to safeguard the public from unqualified practitioners and unethical business practices and has become established as the recognised professional body regulating and promoting the profession of Willwriting in England, Wales and Northern Ireland. The expertise of RM Consultancy in the preparation and production of these Legal Documents is unsurpassed. The company continually monitor any changes in relevant law, and are able to give accurate advice in any situation. RM Consultancy is a progressive firm providing a friendly, professional and high quality service. They are a vibrant team who are genuinely interested in helping clients. They endeavour to provide the highest standards of service which sees the majority of our clients returning time and time again and also results in the referral of new business. The affairs of every individual client are dealt with on an individual basis ensuring that the needs of the client are met. The production of your legal documents could not be in better hands!! If you find that you have any pertinent questions relating to your documents, then please do not hesitate to contact us on