Business Wills

A Partnership
Partnership Agreements: Agreements made by partners on how to distribute the company in the event of death.

In the absence of a Partnership Agreement, the death of a partner will dissolve the partnership. A testator cannot bequeath his share of the company to anyone else, as he could for example, if he held shares in a Private Limited Company. In due course his estate will receive a payment for the net value of his share capital.

Again, it is most important for the Executors to be able to distinguish between the assets and liabilities of the partnership and the personal assets and liabilities of the Testator.

Private Limited Companies
The shareholder may gift their shares in the Company via a Will. However, beware of any limitations imposed by the memorandum and articles of association of the company which may govern the disposal if the shares upon the death of the shareholder.