Assets in a deceased estate may include interests or shares in a business venture, such as a Close Corporation or Private Company PTY (Ltd), which are also subject to be dealt with by the Executor in the administration of the deceased estate however, this is subject to the provisions of an Association Agreement, the Close Corporations Act in the case of a Close Corporation and the Shareholder’s Agreement (if any) in the case of a private company.

Regardless of the size of your business and whether your business is with family members or family owned, it makes no difference. Business is business. And part of every business lies the necessity for agreements – sale agreements, distribution agreements, employment agreements and even loan agreements. The fact that the agreement may be between you and your brother does not negate the need for the agreement. In fact, it makes it more necessary.