Planning for the Three D's

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Small business owners often overlook planning for the three D’s. The three D’s are disability, divorce and death. Consider the following situations.

You form a partnership with a business colleague. Everything is going well, business is growing and life can’t get any better. Then your business partner’s husband asks for a divorce. Does your partnership agreement address the issues relating to the divorce of a partner? What if your partner is your spouse and they have asked for a divorce?

You are running a successful business as a sole proprietor. Driving home from work you are injured in an automobile accident and will need several weeks to recover. Will your employees be able to continue in your absence? Could your spouse, beneficiaries or employees easily continue or wind up your business if the accident had been fatal?

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Debbie Cunningham | Attorney Advertising

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