What would you do if your business partner or a fellow director dies suddenly?
Now that depends on many different factors such as what was put into the partnership agreement when you went into business together, how long the business has been established, what the performance has been like, what the value of the business is
Ask your self another question. What amount of influence would you want your business partner/director's partner to have on your business, or what impact would their death have on the income stream of the business and what would you do whilst you found a replacement for them?
Agreements can be drawn up which can dictate what must happen to their share of the business, but, what would the financial consequences be for you if you are the surviving business partner? How would you pay off the widow or bereaved partner if they couldn't or didn't want to be a part of the business?
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