Cardinal Wills is able to offer other services to the business client including:
Many people working in partnership do not have a formal agreement and hence their partnership is governed by the outdated provisions of the Partnership Act 1890 which are largely unsuitable for the 21 st century business. Without an agreement a partnership must dissolve on death which can have serious consequences for the business.
A comprehensive partnership agreement at reasonable cost will not only provide peace of mind but what will happen to the partnership if one partner dies or wants to leave.
Shareholder Cross Option Agreement
If a shareholder in a private company dies then his shares could pass under his Will or under the intestacy laws to a family member who has no experience in the company and no wish to engage in its business. This could have disastrous consequences for the continuing shareholders.
A Shareholder Cross Option Agreement gives the surviving shareholders the right to purchase a deceased’s shares and gives to the executors of a deceased shareholder the right to require the surviving shareholders to buy the shares. Insurance is taken out at the same time, and written in trust, so as to provide the necessary funding.
If you would like further details about these services for business clients, please contact us.