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Corporate Estate Planning: Some Important Pointers Michael Mumby and Cate Grainger, Harrison Pensa LLP S 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 corporation. 16 yourBusiness 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?