Partnership Protection

Every business partnership is initially based on trust between partners but it is also essential to have this backed up with suitable partnership agreements ensuring that the business is able to continue after the death of a partner and that proper consideration has been given to what should happen to their share of the partnership that they leave behind.

Successful partnership protection allows the following:

  • The business is able to continue trading after a partner's death.
  • The surviving partners are able to purchase the deceased share of the business for a fair value.
  • This means that they retain control over the partnership and no new third parties are introduced.  They also do not have to face the prospect of the surviving spouse effectively becoming a non-contributory but profit sharing silent partner.
  • The surviving spouse or beneficiary of the deceased partner receives a fair value of the share of the partnership and is able to use these funds as most appropriate.

Please get in touch if you would like to discuss this area further.