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Question 46 of 61 in Basics |
What happens when a business owner dies unexpectedly? |
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The business interests will pass to the designated person as specified in the will (or intestate laws) and have to be reorganized or liquidated. Everyone has probably observed situations where the owner of a small thriving business dies and the business then struggles to continue or is forced to close. The best way to avoid such a situation is to plan ahead and prepare the appropriate legal documents and funding mechanisms to assure that you wishes are carried out. |
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