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TYCOON

  • Posts: 71
TRANSFERING A BUSINESS TO A SON
« on: July 14, 2012, 09:04:33 pm »
I run a small business and employ my son.


What would happen if i died??


Should i make a will and leave the business to him.


Perhaps someone on this forum has a personal experience of this.


Thanks in advance.
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BDCS

  • Posts: 4777
Re: TRANSFERING A BUSINESS TO A SON
« Reply #1 on: July 14, 2012, 09:29:26 pm »
Surely if they have experienced death then they won't be able to reply  ::)
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TomCrowther

  • Posts: 1965
Re: TRANSFERING A BUSINESS TO A SON
« Reply #2 on: July 15, 2012, 06:24:20 pm »
Is there anybody there?
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Denise l

  • Posts: 1915
Re: TRANSFERING A BUSINESS TO A SON
« Reply #3 on: July 15, 2012, 07:06:04 pm »
Is it sole trader or Ltd company. Either way I think you would have to make a will. Best ask your accountant.
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MJMR

  • Posts: 20
Re: TRANSFERING A BUSINESS TO A SON
« Reply #4 on: July 16, 2012, 02:17:08 pm »
Hi,
Having been through this on a personal level with a Limited company, I inherited the family business when the old boy passed away, it is very easy to sign over a business under these circumstances. Your accountant will file all the papers. It will definately be easier if your son is working for you at the time but your accountant will guide him in the right direction.
 Also on a big note he has to be careful when it comes to the business finances ie overdrafts or loans as I found out the hard way! usually all loans will have been personally guaranteed, he will have to sign to swap over the bank accounts so he needs to read everything carefully and make sure he doesnt shoot himself in the foot as I did. I signed the personal guarantee not knowing what I was signing at the time and it came back to bite me later.
I would suggest that should the unfortunate happen and the business owes money then just shut it down, all bar the phones etc and re-start. All of your customers will understand, HINDSIGHT........ a wonderful thing!

Matt
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TYCOON

  • Posts: 71
Re: TRANSFERING A BUSINESS TO A SON
« Reply #5 on: July 16, 2012, 06:53:28 pm »
Hi Matt,

At last a sensible reply and thank you very much for your reply which is very helpful.


I have no loans or anything like its just me and my son.


As i am 59 i was just thinking about the future.


Once again many thanks Matt.
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BDCS

  • Posts: 4777
Re: TRANSFERING A BUSINESS TO A SON
« Reply #6 on: July 16, 2012, 07:12:26 pm »
Sign everything over to whoever you want to get things 7 years before you go into the old folks home, that way the government can't make you sell things to pay fees. I would also look at pre paid funeral plans if you really want to look into the future.
I would be looking at proper legal advice rather than asking on a forum. Might also help if you filled out your profile
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