Succession and your Business

Author: Ross Leatham
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We are perhaps more educated on what would happen to our family if we died, lost capacity, suffered a disability, became involved in a family dispute or ran up much debt. Our knowledge is on a personal law basis but of course any of the above could also have an impact on our business.

Here are some questions to ask yourself:

  • Who would your business pass to on your death? The right person would help ensure continuity of the business, protection of the business and the protection of your family.
  • If you lost capacity to make business decisions, does someone appropriate have the power to step in for you?
  • Can and should the process of passing on the business begin in your lifetime and if so what are the tax implications?
  • Do you have an intended heir to the business? Is there a risk that someone else has a claim on what your heir inherits from you?

If you would like to review your arrangements, including company articles, partnership/shareholder agreements, business accounts, title deeds, leases, inheritance tax reliefs and any Will and Power of Attorney please contact me Ross Leatham on 0141 552 3422 or by email rjl@mitchells-roberton.co.uk.

About Ross Leatham

Ross graduated from the University of Glasgow in 2004 having spent 6 months of his studies as an international student at the University of Tilburg. He commenced his traineeship with Mitchells Roberton in 2005 and has been with the firm ever since. He is an experienced solicitor dealing in the purchase and sale of both commercial and residential property, acquisition and disposal of businesses, commercial leasing and property finance. He has acted for a wide range of clients including accountants, further educational establishments, hotels, restaurants, veterinary surgeons, dentists and charities. Ross firmly believes that each client is not just a case and he always takes the time to foster a genuine engagement with his clients to best understand their needs in order to provide focused commercial advice and pragmatic solutions to their problems. Ross only wishes he could find as an effective solution to enhance the performance of his beloved hockey team, East Kilbride. Email: rjl@mitchells-roberton.co.uk

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