What happens to my business if one of my business partners die? by Janell Sprinkle
I own an LLC with my brothers. What happens to our business when one of us dies?Generally, business interests are transferred to the deceased individual’s beneficiaries, along with the entirety of their estate, in accordance with a Last Will and Testament, or, if the individual dies without a will, in accordance with the state’s intestacy laws.In the case of an LLC, the company’s Operating Agreement oftentimes alters this general rule, governing what interests, if any, the deceased member may transfer. For instance, the Operating Agreement may allow a beneficiary the right to receive profits while limiting their involvement in management. […]