Business Owner Death: 5 Step Plan
Thisinfographicvisuallysummarizesthe5-stepplanforbusinessownerstoprepare forthecontinuityoftheirbusinessesintheeventoftheirdeath.Thefirststephighlightsthe importanceofwritingaWillandPowerofAttorney,whichallowsadesignatedpersonto managethebusinessandpersonalaffairsofthedeceasedowner.Thesecondstep emphasizestheneedforaCompanyConstitutionorShareholdersAgreementforPtyLtd companiestooutlinetheproceduresincaseoftheowner'sdeath.Inthethirdstep,the infographicadvisesbusinesspartnershipstohaveawrittenandsignedPartnership Agreementtosetrulesforthehandlingofthedeceasedpartner'sshares.Thefourthstep focusesonappointingandtrainingasuccessortoensurethebusiness'ssurvival.Lastly,the infographicillustratestheimportanceofcreatingaBusinessContinuityPlan,alsoknownasa "HitbyaBusPlan,"toensureasmoothtransitionofresponsibilitiesandsecureaccessto importantdocumentsandinformation.
Via:https://legal123.com.au/what-happens-to-my-business-if-i-die/