According to the Business Directory, a crisis is: “A critical event or point of decision that, if not handled in an appropriate manner (or if not handled at all) may turn into a disaster or catastrophe.” This article will focus on the impact of your death, or the death of a business partner (if applicable), on your business and your personal estate. You work hard to make a success of your business. Make it a priority to protect this asset and your work.
The date of death in an estate is extremely important. Assets that are allocated must be valued as at the date of death. Creditors' claims must reflect the balances outstanding as at the date of death. That is to say that the date on which the business owners dies dictates much of what happens with his assets. This article looks at the impact that the date of death of an owner has on a business's assets, and its operation as a whole.
Death is a very emotional event for loved ones left behind. It could also cause disruption with regard to the material side of life, especially when the breadwinner dies. This could also be the case when the key person in a business dies. A small business owner needs to plan for the time when they are no longer able to run their business. In this article, common challenges of which business owners should be aware of, are discussed briefly.
When you, the small business owner, dies your executor may face some challenges which are specific to the nature of your assets and your business. Remember that your estate cannot be dealt with in the same manner as that of a retired person who has a simple estate and whose main income is a pension. This article explains how you can help your executor deal with the challenges that arise, prior to your death.