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
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