This infographic visually summarizes the 5-step plan for business owners to prepare for the continuity of their businesses in the event of their death.
The first step highlights the importance of writing a Will and Power of Attorney, which allows a designated person to manage the business and personal affairs of the deceased owner.
The second step emphasizes the need for a Company Constitution or Shareholders Agreement for Pty Ltd companies to outline the procedures in case of the owner’s death. In the third step, the infographic advises business partnerships to have a written and signed Partnership Agreement to set rules for the handling of the deceased partner’s shares.
The fourth step focuses on appointing and training a successor to ensure the business’s survival.
Lastly, the infographic illustrates the importance of creating a Business Continuity Plan, also known as a “Hit by a Bus Plan,” to ensure a smooth transition of responsibilities and secure access to important documents and information.
Source: https://legal123.com.au/what-happens-to-my-business-if-i-die/
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