Running your Own Business
A Sole Proprietorship is a business directly run by an individual rather than an entity such as a limited liability company or corporation. When the sole business owner dies, there must be a plan in place to take care of clients or wrap up any outstanding business.
Designating Someone to Take Over your Business
A Last Will and Testament should name someone to take over the business and careful consideration should be given to who is named. The person designated to take over the business should have access to all records and should also have the time and experience to step in.
If there is no one with those qualifications, there should be direction provided in how to dissolve and/or sell the business. If no one is designated to take over the sole proprietorship in a will or other estate documents, that job will fall to the executor or personal representative of the estate.
Get Legal Help
Experienced Estate Administration Attorney Elga Goodman can give you invaluable insight into setting up your business documents to ensure a smooth transition for your estate. Contact us today at 973-841-5111.