Death and Business

John Kafrouni

26 Apr 2015

•

min read

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?

We 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. We can prepare a detailed will and Enduring Power of Attorney for you to address this situation because business is the last thing bereaved families want to spend time and money sorting out.

Joe Kafrouni
Legal Practitioner Director
Kafrouni Lawyers

Disclaimer

The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. Business people should always consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.

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Joe Kafrouni helped me in my acrimonious shareholders dispute, resulting in Supreme Court litigation. During my case, which took years to resolve, I appreciated Joe’s great concern for my well being and that of my family. I felt he was attentive, direct and provided me with sound advice. In the end, Joe skilfully negotiated a settlement that exceeded my expectations and I am grateful.

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Joe Kafrouni has been our company’s lawyer from the beginning and has been instrumental in our journey as company owners and directors. When dealing with both complex and sensitive company issues, Joe is able to provide us with clearly articulated strategies that are well thought‐out and with the bigger picture in mind. He genuinely cares and is always willing to share his personal views, which are both honest and just. Joe is highly professional and knowledgeable in his field. You will definitely benefit having him on your team.

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Joe, as you know we were in a very difficult position with our company before we engaged you as our lawyer and fortunately, even with the odds stacked heavily against us in our shareholders dispute, you managed to pull us through to victory. You are a true credit to the industry not only because of your skilled negotiating tactics but also due to your personable nature, which made us feel comfortable in such a volatile situation.

The biggest lesson I have learnt from you recently, Joe, is that it pays to have a professional such as yourself on my side to deal with matters that I am unequipped to handle … so I can carry on with the task at hand of building my business! Thanks again, I’ll take pleasure in recommending your services to anyone in need.

A big thank you for your time today, Joe. Thankfully we managed to strike a deal although it took a little while to do. Thanks for your patience and perseverance.

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