How long is it since you reviewed your Will? Do you even have a Will?
There is also some basic information that you should be summarising to assist in the administration of your affairs in the unfortunate event that administration is required. This would relate to trade secrets of the business and agreements reached with key suppliers that might not be fully documented. Writing down many of the business’ issues will assist your successor in running the business.
It is very important that business people implement proper plans to ensure that, if something does happen to them, due to death or permanent incapacity, there is a structure in place that will enable the business to continue.
We recommend that you consult your commercial solicitor for a review on these matters as part of an annual legal check-up.
As a side note, Alan Lewis Accountants now has a commercial lawyer on board thanks to our affiliation with 2020 Financial Solutions and would be happy to help arrange a review for you.
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Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 799 awesome articles for us at Alan Lewis Accountants – BLOG
Twitter: @christielewis
