It isn't. The business merely continues with a successor if this is what is desired.I didn't take any advice on setting up the company for this purpose, .Where you have a sole trader operating a business you have to consider what will happen to the business after his death - if it is intended that the business continues to operate after death then setting-up a company with the beneficiaries as the shareholders is the obvious route to take - otherwise the business dies with the owner? I presumed (maybe incorrectly) that this was a normal method of ensuring the continuation of the business and with the benefit of hindsight I see no reason to think otherwise.
Did you not examine the possibility of forming a partnership?That wasn't the desire - my father's desire was that the business continued with all 3 children as successors - 3 successors couldn't continue as a sole trader so formation of a company was the logical way forward.
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