tag:blogger.com,1999:blog-40526492937539562262011-04-21T12:21:32.447-07:00Kyle J. Nortonhttp://www.blogger.com/profile/08867522342451606309noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-4052649293753956226.post-27933195712834056622008-09-18T12:17:00.001-07:002008-10-26T07:49:48.725-07:00Our Sponsors<br /><a href="http://langtonlam.ltcsecrets.hop.clickbank.net/">Long Term Care Insurance Consumer Buying Guide.</a><br /><a href="http://langtonlam.insurleads.hop.clickbank.net/">Insurance Leads Generation.</a><br /><a href="http://langtonlam.tonybahu.hop.clickbank.net/">Annuities: The Shocking Secrets Revealed.</a><br /><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" ><br />If the owner wishes the business to continue after his or her death, he or she must state in a will that he or she wants the </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >executors and trustees to run the business. The executors and trustees are not responsible for the deceased’s prior business debts as well as subsequent business debts incurred while carrying out their duties. The</span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" > will also should state how the business is to be disposed of.<br /></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" > </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >The executor is </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >personally<br />a) Accountable to the estate and business creditors.</span><br />b)<span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" > Liable to the heirs of the estate for any losses.<br />c) </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >Cannot receive any of the profits.<br />In case of no buy sell agreement<br /></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" > 1)Liquidation<br /></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >The business assets and good will are deemed to have been disposed of separately.</span><br /><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" ></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >a) The executor needs to find a buyer immediately<br />b) fair price for business<br />c) Settle the selling quickly, </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >so as to find proceeds for the estate.<br /></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >Most wind-ups take on the characteristics of a forced sale and the accounts receivable and the inventory<b> </b>shrink to less than their fair market values.</span><br /><br /><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >To offset this, the business owner should do two things</span>. <span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >The first has to deal with the powers given to the executor in the will. The sole proprietor will want to consider the following points.</span><p align=""><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" ></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" ></span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >1.</span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >To retain and operate the business temporarily until the best buyer can be found under favorable conditions or </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" > change the form of business.</span><br /></p><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >2. Given the executor </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >the power to sell the business without restriction and to determine the price and how it is paid. </span><span style="color: rgb(0, 0, 0);font-family:Verdana;font-size:100%;" >This power would include the right to borrow funds for operating capital or estate settlement needs.<br />You can see if there is no prearrange buy sell agreement in place before the death of the owner. The business must face number of uncertainty that is no good for employees and the heirs.<br />I hope this information will help. If you need more information. please visit my home page at<br /><a href="http://businessinsurance4.blogspot.com/">http://businessinsurance4.blogspot.com</a><br /></span><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/4052649293753956226-2793319571283405662?l=businessinsurance4.blogspot.com' alt='' /></div>Kyle J. Nortonhttp://www.blogger.com/profile/08867522342451606309noreply@blogger.com0