Connolly's Accounting Services | Partnership protection & Succession planning
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Partnership protection & Succession planning

 

Like most accountancy firms we have a lot of sole traders, companies. partnerships and individuals we prepare tax returns for:

Over the years you get to see a lot of things happen to these businesses. one area that can often remain forgotten is what would happen to the business if one of the key people passed away.

If you are in a partnership or shareholder in a company, you should ask:

  • what happens to the share in your business if you pass away?
  • does your spouse continue as a shareholder in the business?
  • is there a buy/sell agreement in place that protects your estate and does the company have the funds to purchase your shares without placing it in financial stress?
  • if you are no longer generating the income for the business, are your shares cancelled on your death – as the business cannot afford to pay your estate

There are numerous scenarios, many of them ugly and too many for us to contemplate in this blog.

If you would like to discuss partner or business protection issues, we can assist.

our advice could include the establishment of a buy/sell agreement, insurance, share buy backs, succession planning or something that is unique to your business or partnership.

Adrian Connolly
Adrian Connolly
cas@connollysaccounting.com.au

Adrian Connolly is a FIPA (Fellow Institute of Practicing Accountants), a member of NTAA (National Tax & Accountants Association) and holds a Bachelor of Business (Accounting) from La Trobe University. Adrian had more than 10 years’ experience in the primary production industry, in Sheep, Cropping Beef and Dairy. In 2001 Adrian completed his Accounting Degree and has been working as a Public Accountant based in the Goulburn Valley. As a sole Practitioner, Adrian is helped by his wife Janine in the Office Administration: Secretarial, Receptionist, Scanning Documents and Data Entry.

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