A business entity like an LLC is perpetual, and you just change out the management of it. This change of management can be written into the articles of incorporation.
Yes, but somebody has to "own" the business entity or LLC. Since the parent most likely has full ownership of the business, that is an asset passed down to the children and is subject to the death tax. It would also be considered an "asset" in a personal bankruptcy that could be liquidated by the court.
posted on 11/21/2012 11:24:42 AM PST
We set our parents’ up differently, and for different reasons. They weren’t the owners, and some of us kids managed it.
The problem is that they didn’t understand how it worked, and we got a lot of resistance after all the paperwork was signed.
So, set yours up while you’re still cognizant.
posted on 11/21/2012 11:27:47 AM PST
(The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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