Succession Law and Business

Hi - I am new to this..

My partner and I decided to expand his manufacturing business by opening a showrooms and expanding into sales in Jan of this year. He got a loan in his name only and we set up business. I left my job in marketing to run this shop. Since then he has bought out another company. At present I run the original showrooms on my own and he runs the other business. I presently work 6 days a week trying to build this business. I get paid a weekly wage for this. Also what I make in this shop covers all overheads associated with it including the loan.

My question is this - we are not married at present and he has no will so if anything were to happen to him what would happen to the business? He has a 6 yr old son - would it pass in trust to the mother of his son? They were never married and had a very brief affair that resulted in his child.

His business would consist of the original manufacturing business plus 2 showrooms/shops. All suggestions welcome!

It sounds to me as if your status currently with respect to this business is as an employee only, and nothing else ie unless you have a written contract of some type, I don't think that you would have a claim on the business. (I'm presuming when you say 'partner' that you are not married)

I think he needs to make a will pronto.
Otherwise everything would go to his next of kin, in the event of his demise, as per Irish inheritance laws in the absense of a will.
"In the event of not making a Will, a person’s assets and property will be divided according to The Succession Act 1965. In effect this means that your spouse is entitled to your entire estate if there are no children, otherwise two-thirds to your spouse and one-third to your children. If you do not have a spouse, your estate goes to your children. If you are unmarried with no children it goes to your parents and if both parents are deceased to your brothers and sisters."

This is very important to get sorted out. You should perhaps look at professional advise on this, especially given that the two of you are in the business together, but you may not have have any legal /financial protection at all.

Thanks NicolaM - i'm not staking a claim on the business. He's built it up over years prior to me. I would be more than happy for it to pass to his parents or stay in his family and benefit his son.

It just bothers me that i am working hard for something that may eventually benefit a woman he had a one night stand with.

Serenity1 said:

It just bothers me that i am working hard for something that may eventually benefit a woman he had a one night stand with.

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And that's her fault?

If the interests do pass to the son (as would be the case if things stay the way they are currently), then most likely the son's mother would hold the assets in trust for the son until he reaches majority. As trustee, she'd have duties towards the son to maintain the assets and deal with them in his best interests - but that may include e.g. selling the interest in the business and getting an nicer house for both of them.

Sprite

Hi Serenity

In a way though, if you are building up and expanding a business together, perhaps that contribution needs to be clearly defined? Would it be fair and equitable to you if it is not?
Unless you are comfortable as being purely an employee of the business?

What happens if you spend the next 10 years building up this business together, and then you separate?

As per the Succession law, if you are unmarried and have children, the estate goes to your children.

Have you spoken to him about this? it seems a very big issue for you to have unresolved, and having it on your mind.

Nicola

It would be prudent for your partner to make a will especially since he has a 6 yr old son.