General Legal Services

International Commerce
IP and Technology

Challenge

Two partners in a successful manufacturing company came to us to discuss options to protect their business in the event that one of the partners become incapacitated or deceased.

They were concerned about what would happen to the business, as well as their families should for example, one of the shareholders become deceased.

Their intention was that the remaining partner should be able to continue with the business, without interference by family members, but that the family would not be left without financial support.

Solution

We created what is essentially a “Business Will” by making sure that there was a well-drafted Shareholder’s Agreement in place, with a buy-sell agreement.

We worked with their insurance brokers to provide for specific insurance to cover such buy-out to the deceased partner’s estate.

Benefits

This resulted in the peace of mind that if something was to happen to one of the partners, the other would have the right and means to pay out the estate of the deceased partner, the business can continue, and the deceased partner’s family will be adequately financially compensated.

Need the help of an estate planning lawyer? Book a free call with Harris Gomez Group.

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