Legal Question in Business Law in New York
Death of Busines Partner (S Corp)
I am half owner of S Corp (Liquor Store) in NY. What happens if my partner or I die.
Asked on 1/08/07, 2:14 pm
2 Answers from Attorneys
Carlos Gonzalez
Gonzalez Legal Associates PLLC
Re: Death of Busines Partner (S Corp)
Gneerally the shares are treated as property and the persons will shall control how theyre distributed.
Answered on 1/15/07, 11:57 am
Norman Nadel
Norman Nadel, Esq.
Re: Death of Busines Partner (S Corp)
In the absence of an agreement that provides otherwise, in the event one of you dies, the stock of the deceased shareholder will be distributed according to the provisions of his will, if there is one, and if not, pursuant to the laws of intestacy.
Answered on 1/08/07, 2:45 pm
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