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What Will Happen to My Business if I Die? Part 1

What Will Happen to My Business if I Die? Part 1 - Business Succession Planning - VJ Russo LawWhen someone owns a business and they pass away, the business does not just stop automaticallyeven if they are the top partner or sole proprietor. There are still employees who need to be paid, products that need to be sold, orders that need to be fulfilled, and vendors and other obligations that must be paid as well.

There is always a lot of turbulence when someone passes away, but if they own a business, it is almost exponentially disruptive and difficult. It is very important for someone who owns a business to think about business succession planning and estate planning for themselves. This is not only for their immediate family, but for their employees and the people they do business with on a regular basis. Otherwise, it can be incredibly time-consuming, expensive, and difficult for actions to be taken properly to continue the business.

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