Manage businesses of the deceased

If the deceased owned any businesses at the time of their death, it will need to be managed (kept in operation) or closed.

Whether the business is kept open or closed, the executor or administrator will need to contact the business’s accountant to discuss next steps involved in managing or closing the business.

Exclamation_Icon.svgImportant Wages, benefits, and taxes will need to be paid before the business can be closed. An estate accountant, or the business’s accountant, can help determine any bills and debts owed by the deceased’s business.

They will also be able to determine which assets the business had, and whether any credits are owed to the deceased’s estate.

To identify the business’s accountant, lawyer, and key personnel, review the business’:

  • Financial documents
  • Filing cabinets
  • Tax documents
  • Checkbook (for payments made to an professionals)

Additional items to locate and organize include:

  • Business financial records
  • Business credit cards
  • Key business documents (contracts, licenses, royalties)

Helpful Tips

If the business had any other professional advisors, such as an attorney, they should be contacted as well.

The Executor should also contact business partners, co-owners, Board of Directors, or other management personnel with decision-making authority.

Not only will these individuals have information about the business that could be useful to the Executor, they should be included in any decision to manage or close the business.

Providers to Contact

Corporate Attorneys Near You

A business or corporate attorney advises business clients on their rights and duties under the law. They can help you manage, transition, or close the deceased’s business while complying with all relevant laws and regulations.

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