Attorney, Business Accounts, Business Registration, Common Estates, Common Executors, Corporation, CPA, decedent, estate, Estate Administration, Estate Plan, Executor, Final Taxes, Schedule C, Small Business, Small Business Owners, Sole Proprietor
While constructing their estate plans, small business owners should advise their executors about changes in their business. Although the executors don’t need to know the day-to-day business operations, small business owners should inform their executors of the following:
- Any sale of the business.
- A change in registration of the business.
- The succession plan for the business, if any.
Consequently, if the small business owners overlook their executors, the executors will experience a chaotic estate administration.