Business Life Planning
We cannot predict the future of your business or indeed your personal life, but we can put measures in place to protect you. The Business Life Plan is a toolkit of documents designed to provide protection for your business interests and private assets.
How can we help?
Business Life Planning
Our Commercial team works closely with our personal services solicitors to ensure you receive advice that suits your needs as business owner and as an individual. From private wealth to estate and inheritance tax planning, we can offer a complete suite of legal services. Find out more about the GL Law Business Life Plan.
Wills for business owners
When someone dies, their estate will comprise of anything that they own. Subject to any tax and other liabilities due these assets will pass to the people entitled under any will or, if there is no will, to the people that are entitled under the rules of intestacy.
Where an asset is a family business, it may mean that the person who has died was a sole trader or shareholder. Perhaps they were in a partnership and on death, this partnership ceases to exist. In such cases you need to consider what happens then to the business and its employees? What are the implications of the death?
Some issues to consider are that certain business cannot continue to trade after death – for example if the only person who was able to operate that business at a practical level has died, or, in certain circumstances, if the deceased was the only director and shareholder of a limited company. This could cause a disastrous effect on the value of the business meaning that the beneficiary or beneficiaries you wish to pass the business onto may receive little or no inheritance by the time that the business (which did have significant value) has been wound up and its assets realise.
Our team of experts will ensure the Will is drafted professionally and reflects your wishes accurately.
Lasting Powers of Attorney for business owners
You may be familiar with Lasting Powers of Attorney (LPAs) as something that a relative may have in relation to their personal affairs if they are unable to make decisions for themselves. However, have you given much thought to what would happen to your business affairs if you were unable to work?
Depending on the legal structure of the business, who can make decisions or take actions on your behalf may not be the people that you would necessarily choose. When you are making big decisions about your future it’s important to get the right advice and guidance. Our team of experts will ensure the Power of Attorney is drafted professionally and reflects your wishes accurately. We offer a personal, bespoke service with joined up advice from both our Commercial Business and Power of Attorney solicitors.
In addition to making a Will, it is also sensible to consider lifetime succession planning. Our specialist solicitors can help you pass on your assets to your family during your lifetime in a tax effective way. This can be particularly important if you hold shares in a family business.
We will consider your circumstances and set out clearly the options available to you in planning your future. Once you have made a decision, we will work with you to ensure your wishes are implemented.
The succession planning service we offer is personal to you and therefore the relationship between you and your adviser is paramount. This will involve getting to know you and your family situation well so that we can provide you with a bespoke service tailored to your individual circumstances.
- Lifetime giving advice
- Setting up of trusts
- Re-structuring your business assets
- Advice on passing on a family business
- Wealth protection
Directors & personal guarantee advice
Fixed fee advice on personal guarantees and indemnities.
We offer a fixed fee service on personal and directors guarantee and indemnity advice. Our costs are transparent, competitive and fixed. We will provide advice on a personal guarantee or indemnity within a short time period for a fixed fee of £950 plus VAT. Advice can be given via video link using Skype, FaceTime, Teams, etc.
Contact our Commercial solicitors in Bristol or London