A client recently asked, what happens to small businesses upon the death or divorce of an owner? What documents should be in place prior to those events to smooth an ownership transition? These questions can have many different answers depending on the facts of a specific situation, but here’s a general overview of the process, consequences, and ways to control ownership of a business if a death or divorce occurs:
What happens to a small business if an owner dies?
The answer depends on the type of business. If the business is a sole proprietorship […]