Start Date: 6/1/2022 9:00 AM EDT
End Date: 6/1/2022 10:30 AM EDT
What happens to loans or deposit accounts when a business owner dies or sells their ownership interest? Except for a sole proprietorship, individual business owners are separate and distinct from the legal business entity (i.e., corporation, limited liability company, partnership, trust, etc.). When the individual owner dies, the legal entity continues to exist. Likewise, if the individual sells his/her ownership interest, the legal entity continues to exist, although ownership has changed. In both situations, your institution must determine who is authorized to act on behalf of the business entity regarding its loans and deposit accounts.
This webinar will explain the proper procedures for when the business owner dies or sells their ownership interest, including the documents that must be reviewed and the actions your institution must take. It will also explain how to determine who is authorized to act on behalf of the business entity after the owner dies or transfers ownership interest.