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Free Legal Advice Philippines » FREE LEGAL ADVICE » BUSINESS AND TRADE » Business owner dies, what's next?

Business owner dies, what's next?

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1Business owner dies, what's next? Empty Business owner dies, what's next? Tue Jan 12, 2016 5:07 am

dzeypi


Arresto Menor

Hi Everyone, i'm planning to take over the business of my mom who died last may 2015.

I'm thinking of the following:
*transfer the ownership to me, OR
*transfer the ownership to me and my wife
*change the business name

I'm thinking it might be too tedious to transfer the ownership so would just registering a new name just like starting a new business be easier? suggestions please

2Business owner dies, what's next? Empty Re: Business owner dies, what's next? Tue Jan 12, 2016 5:40 am

Lunkan


Reclusion Perpetua

What business type is it?
/If it was a company, you can just go on.
/But I guess it's a business form where your mother was fuilly responcible. If so it has to end,
and you start a business in own name and buy the valuables in your mother's business.

I don't know enough to recomend having your wife as owner too or not,
BUT if your business can fullfil the demands to be approved as BMBE, then I recomend such in almost all situations, because there are interesting benifits. Such are decided by the barangay/municipaly. Check with them.

3Business owner dies, what's next? Empty Re: Business owner dies, what's next? Wed Jan 13, 2016 3:01 am

dzeypi


Arresto Menor

thank you for your answers, very helpful! Smile
it's sole proprietorship. I hope I answered your question about the business type.
This month is the deadline of the business permit. Is it advisable that I just renew it for now and just change the name later?
By the way what do you mean by buying the valuables? FYI, the business is just a small resto in our subdivision.
Thanks in advance.

4Business owner dies, what's next? Empty Re: Business owner dies, what's next? Wed Jan 13, 2016 8:00 am

Lunkan


Reclusion Perpetua

"it's sole proprietorship"
Then it has to be ended, when the owner dies. (After some months to get time to solve it.)

"This month is the deadline of the business permit. Is it advisable that I just renew it for now and just change the name later?"
Well. It isn't just changing the name, it's a NEW, which buy what the old had.
(A BMBE registration is much faster than others.)

"By the way what do you mean by buying the valuables? FYI, the business is just a small resto in our subdivision."
It isn't worth much, but something anyway. I suppouse it has some Equipment and Customers.

5Business owner dies, what's next? Empty Re: Business owner dies, what's next? Tue Mar 01, 2016 5:32 pm

centro


Reclusion Perpetua

Does the business have the following?
Barangay Clearance? DTI Registration? Mayor's Permit? BIR?
All these need updating with the institutions.

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