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Glossary of terms used on this site

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Term Definition
Key Person

Is an individual with unique skills and knowledge that will be difficult to replace and whose loss will impact on business viability.

KeyPerson Insurance

Is a tool to protect a business. Key Person insurance is of no direct value to an employee. This type of policy must be owned by a business and will provide cash, with income tax consequence for that business following the death of an identified key person or persons.

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Andrew said

Jim pro­vided very sound and practical advice on what to do if one of the busi­ness partners wanted to leave. His Suc­ces­sion Agree­­ment elim­ina­ted any questions as to what would hap­pen and how it would hap­pen. Thanks Jim.