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Owner's heirs will take over the business or someone who knows about the business will take over the job. It should not be discontinued. If the heirs do not take care of the company properly then the business might be lost.
Wiki User
∙ 16y ago
Wiki User
∙ 13y agolegally terminates immediately upon the death of the owner. Even if a spouse, relative, or friend of the deceased owner assumes ownership and keeps the business operating under the same name, legally a new business enterprise has been formed.
Wiki User
∙ 11y agoThe company would still continue to trade. The death of the founder would have no effect (apart from maybe on the price of any shares). However - if the founder was an active member in the board room, they would simply elect a new member to replace them.
Wiki User
∙ 13y agoThe business is part of the estate of the deceased and the ownership goes to the proprietor's heirs
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