In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
UK News
Tesla shares plunged 14%, marking one of the steepest declines in months as Musk and Trump battled online.
The criminals told the retailer's boss he could make things "fast and easy" if he complied with their demands.
Firms including Thames Water have been stopped for paying rewards to executives under new rules.
The leaders of the US and China agree to further talks aimed at reaching a deal amid an ongoing trade war.
The athleisure brand joins a growing list of big firms to warn about the impact of Trump's policies.