I have deliberately left mrs bp as non director due to the hassle it would cause her.
Let the accountants sort it out.
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Reply to: Sole director dies
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Previously on "Sole director dies"
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Originally posted by TheFaQQer View PostCheck what the company AoA say - the model articles include a provision around this, IIRC.
Having an additional officer of the company now makes the process smoother, but there are mechanisms for the transfer to happen on death. But start with your Articles.
"In any case where, as a result of death, the company has no shareholders and no directors, the personal representatives of the last shareholder to have died have the right, by notice in writing, to appoint a person to be a director."
Even if your company has customised articles, this provision is likely to be retained.
If you appoint your wife as a Director, be aware that the quorum for Directors' Meetings is usually two, ie you will have to talk to her before taking decisions on things like dividends. Often the AoA for PSCs has a provision that if there is only a single director, the quorum is reduced to one. Hopefully not a big issue unless you hit problems down the track ...
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Check what the company AoA say - the model articles include a provision around this, IIRC.
Having an additional officer of the company now makes the process smoother, but there are mechanisms for the transfer to happen on death. But start with your Articles.
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Originally posted by Lance View Postit's easy. Until she realises that she will have fiduciary responsibilities and legal obligations
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Originally posted by vwdan View PostIs this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier
It's an option but I was wondering what other possibilities there may be.
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Originally posted by vwdan View PostIs this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier
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Originally posted by vwdan View PostIs this honestly the best, easiest solution? I've considered the question before, too - anything to make the Mrs's life easier
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Make sure she knows who the accountant is, and how to contact them.
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Sole director dies
I'm sure this has been asked before but I've not found anything.
I'm in the process of writing a will.
MyCo is owned by me and Mrs. L.
I am the sole director.
If I die I intend for her to get all the assets. But she'll need help closing the company and dealing with the liabilities (tax).
What do others on here do?
The company bank has me as sole signatory so I'm not sure what they'd need. Is it just as simple as a death certificate and proof of ID for the executor?
Cheers,
Lance.Tags: None
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