Legal Question in Business Law in Nevada
Family Trust transfer of Corporate Ownership
My father, the president of our family business, recently passed away. Corporate ownership has been succeded to me. I am the Sec/Treas officer of the corporation, becoming President.
What obligations are required to notify existing creditors of his passing and my succession as President of the corporation in the state of Nevada.
1 Answer from Attorneys
Re: Family Trust transfer of Corporate Ownership
I don't think it is a legal obligation as much as a customer service and business one. Of course, if your father gave any creditors personal guarantees of corporate obligations, then those creditors would be entitled to be notified as creditors of his estate. In any case a corporate resolution should be made at a corporate meeting making you President.
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