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What Plans Should Be Made For What Happens To The Business After An Owner's Death?


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You can either plan for a continuation of your business after death by transferring all or part of the business to your heirs or selling the business during your lifetime, or after your death. The type of plans that need to be made differ depending on whether the business is a Sole Proprietorship, Partnership or Corporation/Limited Liability Company (LLC).

While you make plans, think about what should happen if the business has to be liquidated because there is no appropriate manager available or if there is no buyer.

Also consider writing an Ethical Business Will which tells your successors about the history of the business and any values you want to pass on.

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