<%@LANGUAGE="VBSCRIPT"%>
<%
option explicit
%>
<%
dim rsArticles, sSQL, gStr
set rsArticles = server.createobject("adodb.recordset")
rsArticles.cursorlocation = 3
sSQL = sSQL & "SELECT TOP 10 Articles.Article_ID, Articles.Article_Title, Articles.Article_Excerpt, "
sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
sSQL = sSQL & "Users.User_Name FROM FB_Users AS Users INNER JOIN (FB_Categories AS Categories "
sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
rsArticles.open sSQL, adoConn
Do While Not rsArticles.EOF
gStr = gStr & "
" & vbCrLf
rsArticles.MoveNext
Loop
%>
<%=gStr%>
Partnership share protection
Many firms are set up as partnerships. When one partner dies his part of the business passed to his estate. His beneficiaries may not be interested or qualified in running the business and this can present a problem for the remaining partners. Often the partnership may require all partners to be actively involved in the firm in order for it to run correctly.
An option may exist for the partners to insure each partner for their share of the business so that in the event of the death of a partner the company will have the funds to buy that share of the business. This leaves the remaining partners with the business and the dead partner’s estate with a cash settlement. The partnership agreement would normally need to be written in a way that allows this to occur so that the surviving partners have the obligation to purchase the dead partners share of the business. Equally the partnership agreement would require a similar obligation that in the event of death there was an obligation on the dead partner’s estate to sell the share in the business to the remaining partners.
These arrangements can be written as binding or as an option, and advice would need to be sought at the time as to which method produced the best tax considerations.
However the partnership agreement is written up, each partner affects a term life insurance policy up to their intended retirement age on their own life in trust for the other partners in what ever shares the other partners have in the business. Two or more of the other partners can be nominated to act as trustees.
If the partner dies then the money is paid to the other partners in trust and they then use those funds to purchase the dead partners share of the business from his/her estate.
How the premium is paid needs to be considered partly because of inheritance tax and also because premiums on older partners are likely to be more expensive.
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Directors Share Protection