Death and Business
As the saying goes, the only things that are certain in this life are death and taxes. One day, you will move on from this mortal world and all that you have will stay behind, including your business. You need to consider how your business will function without you.
Think you’ll get around to making the necessary arrangements before you die?
I urge you not to postpone this important task any longer. We will all pass away one day but no-one can predict exactly when that day will arrive for them. The sooner you decide on what should happen to your property, including your share of the business, the sooner you will be protected.
Do not leave it until it’s too late, as these people did:
All of a company’s directors and shareholders, otherwise known as husband and wife, were killed in a car accident. Neither had made any provisions for what was to happen to their stake in the company after they died. The loved ones they left behind had to apply to court just so new management could be elected to keep the business going (Re Noel Tedman Holdings Pty Ltd [1967] Qd R 56).
Reader’s Tip
Business owners should make provisions in their wills and have an Enduring Power of Attorney for when they can no longer manage the business due to death or incapacity. I can prepare a detailed will and Enduring Power of Attorney for you, because business is the last thing bereaved families want to spend time and money sorting out.
Planning to hand the business on? See Business Succession Planning in Queensland.
Want my view on your own situation?
Book an initial consultation: up to two hours with me by phone for a fixed fee of $1,650 (including GST), then a short written note of my advice and next steps. If my conflict check means I can't act, I'll refund your fee in full. To check anything first, email
info@klaw.com.auor call
(07) 3103 3199.
Joe Kafrouni, Accredited Specialist in Business Law, Kafrouni Law
Disclaimer: This article is general information only and is not legal advice. Before acting on it, get advice on your own circumstances. To the extent the law allows, Kafrouni Law accepts no liability for any loss arising from reliance on it. This article is the copyright of Kafrouni Law.
What People Say
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An initial consultation is the best way for us to find out whether, and how, I can help. It suits business owners and directors facing a decision that matters. You get my considered view of your situation, not just a first impression.
The fee is a fixed $1,650 (including GST). It covers a phone consultation of up to two hours, plus up to one hour of my time to consider the material you send me beforehand and to prepare my written note afterwards. Here is how it works:
1. When you book, you tell me briefly what the matter is about and who else is involved, so I can carry out a conflict check and confirm I’m free to act. If I can’t act for you, I’ll refund your fee in full.
2. I tell you what information and documents I’d like to see, and I consider them before we speak.
3. We talk it through by phone. I give you my initial advice, the options I see and what I’d do in your shoes.
4. Afterwards, I send you a short written note of my advice and the next steps I recommend.
If I can help further, I’ll explain how. If I can’t, I’ll say so. You are under no obligation to engage me further. If your matter needs more than this, I’ll send you a proposal setting out how I can help and an estimate of my fees. No further work starts until you accept it.
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