Sole Trader to Partnership?

[Rafa]

Hi All, I wonder if anyone who is a sole trader has given any thought to the following.....

 

My lovely Hubble asked 'what would happen to the playschool should anything happen to you?!

 

Yikes! That made me think, what would happen? As our businesses are so tied up with Ofsted regulations and Local Authority Provider agreements etc etc I wondered what exactly would happen if I was no longer able to 'Provide'.

Of course he would need to contact Ofsted and LA but.......As Only I have access to the bank account how would Staff be paid and the group be financed whilst 'sorting it out'.

I do have a Manager who of course could take the reins but I was wondering if it would be possible to have a 'sleeping partner' in the shape of my DiL who does have a level 3 Dip in early years, though not currently working in it, but whom I would be willing to add to signatory on bank account. Just In Case!!

Anyone else have a back up plan or is it just me ??? : /

[sunnyday]

Hi Rafa

It's a worry isn't it 'what happens if I go under a bus' type scenario

Perhaps speak to your bank........

[louby loo]

I guess I have a back up plan as such.  Just taken over our setting from a sole trader. Possibly a bit different from you- as we have started up as a CIC, but I did make my daughter become a (very silent) partner. She has no childcare experience but is good at admin and can deal with bank and Ofsted etc.

I didn't think of it as a back up at the time, I just didn't want to 'go it alone' and she is very organised paperworkwise so she had no choice