When an owner of a business dies, what happens next? Businesses are owned by companies, trusts, partnerships, sole traders. How do these structures play out in an estate administration? What are the implications for the executors and beneficiaries? What are the implications for the other business owners and the business itself? This video aims to review the business ownership structures from an estate administration perspective including:
- Understanding impact death has on partnerships and other ownership structures
- Applying the terms of a will to business structures
- Administrative concessions applied by the ATO and elections required
- Consideration of the personal representatives' role in regards to the business (continuation or wind up)
- Issues with preserving value; and
- Impact of buy/sell agreements