A key person is anyone whose absence would seriously affect the running of the business. This could be anyone from the Chairman to those with a specialist skill in their department.
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.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
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
UK News
The firm said it was 'truly sorry for this inconvenience' in a post on X.
The forecast fall in the cost of energy would reverse three consecutive increases in the price cap.
The chancellor indicates that moving closer to the EU on trade is a bigger priority than the US.
Sales rose for the third month in a row in March as warmer weather helped to boost trade.
New powers mean law-breaking executives can be sent to prison for up to two years.