Protecting Your Park Home Business
Working closely with our Parks Team our Private Client Team advises park owners on all aspects of their business, ensuring that our clients receive the best legal advice in this complex area. Areas of work covered by the Private Client Department include, Succession Planning, Lasting Powers of Attorney, Family Trusts, Office of the Public Guardian and Court of Protection Work, Wills and Probate.
You should be aware that:
• Passing on your Park Business in a tax efficient manner can be a complicated procedure.
• If you own the Park Business through a limited company, you should have a Shareholders Agreement or Share Option Agreement to protect your shareholding.
• If you co-own your Park Business through a partnership you should have a full partnership agreement setting out what would happen to your capital investment.
• In the unfortunate event that you become physically or mentally unable to manage your business affairs, then unless you have made a Lasting Power of Attorney, the Court of Protection will decide who will look after your personal affairs and your Park Business.
Making A Will
A Will is the only way to ensure that you prescribe how your loved ones will benefit from your estate, including not only your Park Business but any other assets that you own such as, your bank accounts and other investments. By making a Will you decide who will manage your estate including your Park Business.
Passing on your Park Business owned by a Limited Company
If you own your Park Business through a Limited Company, there might be restrictions in the company’s articles regarding to whom your shares can be transferred. Alternatively, you may wish to ensure that your shareholding cannot be transferred to non-family members at a later date. By having a Shareholders Agreement, or Share Option Agreement and/or giving share options in your Will, you can restrict the dissolution of the shares to the persons or class of persons you wish. Under your Will, you can appoint a person to run your company and protect your business until the Grant of Probate has been issued, the shareholding transferred, or new directors appointed.
Passing on your Park Business owned by a Partnership
If you own your Park Business in partnership with other people you should have a full partnership agreement setting out as to how the business operates. This can cover how your capital interest is to be protected and profit shares are divided. You might wish to consider changing your existing partnership agreement into a Limited Liability Partnership, affording you greater protection against future liabilities.
Lasting Powers of Attorney
These are documents that make sure that your finances and personal welfare are looked after by persons you appoint and trust, in the unfortunate event that you become physically or mentally unable to do so. This can include not only your own finances and personal welfare but you can also ensure that a person is appointed to manage your Park Business thereby ensuring that your business continues to run smoothly.
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