Whether you are a Sole Trader, Partner, or Director of a Limited Company, your death or those of your co-directors, partners or key employees may cause a significant disruption in business.
Often problems occur because the deceased's Will leaves interests in a business to someone (e.g. a spouse), who may not have the interest or ability to play an active part in the business.
Various insurance based solutions are available to "buy the deceased's family out", but it is essential that such arrangements do not conflict with the Articles of Association in the case of a Company or the Partnership agreement in the case of a Partnership.
Income Tax, Capital Gains Tax, or Inheritance Tax also needs to be considered.