If it is a sole proprietorship, then the estate will have to pay the debts. If it is a corporation, and the "owner" held all of the stock, then the corporation will have to pay all the debts.
If the credit card is drawn against the business, that is if it is a business account, then yes. If the card is a personal card, then his estate is responsible for payment of any outstanding debt. Since the business is part of his estate, if in probate it is determined that the business owes the debt, then yes, you or rather the business is responsible.
This previous answer is incorrect. A sole proprietorship is an individually owned entity, it is legally the name or service of that said person. Therefore the company dies when the owner dies, you cannot not operate "Mary Smith Accounting CPA", if you are not Mary Smith. In order for the company to be passed on or rights transferred it would have to be a partnership, LLC, Joint venture, or a corporation. You as his wife would not be responsible, he has unlimited liability, no one could try to collect the debts of his company from you, but from his estate. -"yeah if its in his will that it goes to her then it will but if not the government will break the company up and sell it piece by piece Subject to laws of your country - it will depend on how the business was structured. The debt may remain with the business and not the personal estate. In a non incorporated personal business it is generally with the estate any residual which may pass to the wife but not a debt of the wife. Always seek legal advice."
no if you did not sign anything
disadvantages are that a sole trader has to do all the bookkeeping, he has to run the business on his own, the business cannot be continued if the owner dies or retires
Since his debt is tied to his assets (which you both share), his debt is your debt unless a court rules that it is not. Creditors can file a claim on his assets or life insurance (if he dies) to pay the debt so it does make you indirectly responsible for his debts. In the case of a divorce, the debts will be split up accordingly and when it is finalized, his debts are no longer your responsibility.
If the credit card is drawn against the business, that is if it is a business account, then yes. If the card is a personal card, then his estate is responsible for payment of any outstanding debt. Since the business is part of his estate, if in probate it is determined that the business owes the debt, then yes, you or rather the business is responsible.
The estate is responsible for debt. That is one of the reasons for opening probate.
absolutely not, the new owner has nothing to do with it, any monies owed will come out of the estate of the person who died.
Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.Yes. If the mortgagee dies the debt is owed to their estate.
If a dependent parent dies then the estate will be responsible for their tax debt. If you are over their estate then you would have to ensure that the government gets their taxes.
Partner in a business will be held responsible for the debts. Partner in living together without a formal agreement or license (not married), the estate.
Review the divorce decree. It typically specifies who is responsible for the debts of the couple. Their estate has to resolve the debt if it was assigned to them.
The estate or co-debtors.
The estate of the person who dies is responsible for paying off the debt.
Yes, that is the whole point of co-signing. Someone has to cover the debt. If one person dies, defaults or goes bankrupt then the co-signer is responsible. In death the estate is still responsible for the debt. If there is nothing left then the co-signer has to cover it.
The spouse is not responsible and should not have this on her credit. But the estate of the deceased will still be responsible for the debt.
the deceased' inheiritance