It is important that New York closely-held businesses have strategies for contingencies that may arise upon the death of an owner. There are legal documents that can simplify the transfer of power and the continuation of day-to-day operations of the company during this time.
Everyone should have a will that delineates their wishes concerning the distribution of assets. This is critical for business owners as well because there is more at stake than inheritances. There is the welfare of the company and of the employees to consider. A business owner can name an executor in a will and state how the ownership interest will be transferred.
