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
Major lenders make rate reductions as markets take some heart from a possible truce in the Iran war.
Last year, the highest proportion of men aged 20-34 were still living at home since at least 2007 as the rising cost of living takes hold.
Brent crude sinks by a tenth after Iran says the key waterway is open for commercial ships for the rest of the ceasefire.
Experts say Mythos potentially has an unprecedented ability to identify and exploit cyber-security weaknesses.
Drivers have seen weeks of increases as the US-Israeli war with Iran pushed up wholesale oil prices.