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A recent case reinforces the benefits gained from solicitors, accountants and IFAs working together, says Scott Gallacher

7 September 2012

In small, privately owned companies, there are usually only a small handful of shareholders – normally they are the directors, and often also the people actually running the company day-to-day.

But what if someone dies? How should the death of such a shareholder be dealt with?

Ideally, their shares should be passed quickly and easily to the surviving directors (rather than passing by default to the deceased’s family). Pre-planning for this eventuality helps remove the danger of trading being disrupted, or of uncertainties and disputes arising between the surviving shareholders and the executors.

This pre-planning, although not especially complex, must be implemented in exactly the right way in order to avoid unintended consequences years down the line. Knowing this, an accountancy practice who we work with closely recently asked us to review the arrange...

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