Director / Partnership Protection
With the best will in the world, things can go wrong. People change; their aspirations and priorities change, their circumstances change, and previously close working relationships can easily sour. Whilst this is unfortunate enough in personal friendships, when it happens in business relationships, it can be terminal.
For this reason, it is necessary to have in place a clear, legally binding understanding between directors or partners in a business that stipulates what will happen if one of them dies or wishes to sell up, or falls into dispute with the other(s). With careful planning and the right types of insurance, it is possible to cover yourself and your business against the implications of most common scenarios, including death in service and legal expenses.
The extent to which your business may be exposed in the event of a director or partner wishing to sell their shares depends on the care with which your original agreement was drawn up. Whilst we cannot help you with that, Focus can certainly advise you on how to protect your business against any possible fallout.