What happens when a small business owner dies or gets divorced?

Before you meet with your lawyer: Business governance documents

By Bryan Zlimen

If your new business has multiple owners, it is important to have proper governance documents—like a partnership agreement, operating agreement, or shareholder agreement. Typically, these documents address topics like who can make day-to-day decisions on the company’s behalf, how ownership interests can be sold or transferred, and who decides what the company does with net…

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What happens when a small business owner dies or gets divorced?

By Bryan Zlimen

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,…

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