Corporate Estate Planning:
Some Important Pointers
Michael Mumby and Cate Grainger,
Harrison Pensa LLP
mall business owners are
an integral part of Ontario’s
economic engine. Recent
statistics show that small and
mid-sized businesses make
up the majority of Ontario business.
However, there is no “one size fits all”
business format as a small business
could take several forms including; a
sole proprietorship, a partnership or a
Business owners have a full plate as
they juggle the demands of their business and the needs of their personal
lives and families – yet there is one further topic they should turn their minds
to: estate planning. While it is common
knowledge that all adults should have a
Will, there are certain estate planning
considerations that are unique to business owners – and it’s important that
business owners are attuned to these.
Online | VOLUME 1 - ISSUE 2
The Unincorporated Business
Unincorporated businesses, including both sole proprietorships and partnerships, present special challenges
when planning an estate. First, the
business being disposed of by Will
must be correctly described. Consider,
for example, the small business owner
who wishes to dispose of his or her
unincorporated business in their Will.
What exactly are they gifting?