When commencing a new business venture with colleagues or introducing new co-owners to your business, it is worthwhile to ensure that there is a well defined management structure and a clear understanding of what is to happen if a co-owner departs, voluntarily or involuntarily.
Whether the business structure you choose is a company, a partnership, a trust or a joint venture, the critical matters to identify, record and implement are:
We can assist you with preparing an Agreement regulating some or all of these issues.
As for involuntary departures of co-owners (usually due to death or total and permanent disability) and for some voluntary departures (such as retirement) then this can be dealt with under a Business Succession Plan.