Ensure control of the business remains with the surviving business owners.
Shareholder or partnership protection cover is a vital, but often overlooked, element for a business that has more than one shareholder.
The purpose of this cover is to ensure that control remains with the surviving business owners, rather than passing to someone who is unwanted, unwilling or unable to contribute to the running of the business.
Changes are often needed to ensure that the shareholding of a deceased shareholder is dealt with in line with the wishes of the remaining shareholders.
Financial planning is needed to ensure that the sufficient funds are available to facilitate any purchase of shares.
This policy allows the remaining shareholders to buy the shares and retain control of the company, while ensuring that the family of the deceased are adequately reimbursed.