Father And Son Business: What Happens When Dad Dies
Father-and-son or mother-and-daughter businesses are all about families working together for generations. These businesses, when they succeed, can have a longstanding place in their communities. If you are the parent and owner of a business and your children have entered into the business with you, you may be surprised to learn that there are some legal issues with passing the business on after your death. Likewise, if you are the son or daughter of a family business, you may be concerned about what happens after your parent(s) has/have passed.