n Planning
would like to inherit your business can do so . You should certainly look to have continuity plans in place if you employ staff .
If you don ’ t want the business to continue then the necessary steps have to be taken . Employees need to be taken care of , customers should be notified , outstanding bills should be settled , and any tax should be paid . For more information on closing your business you should consider this information from the GOV . UK website .
Who would you like to inherit the business ? This should be carefully considered before writing your Will . Is the person you want to inherit the business able to run the business ? If not , is there someone that can help them ? Will they run the business in accordance with your business ideals ? What is their financial position like ? Are they likely to damage the reputation of the business ?
Would you want the business to be sold and the money to go to anyone ?
Article by Thomas Stansfield
The Society of Will Writers
11