Questions & Answers
The legal status of a company after one partner passes away
Hello,
I have a company which I am running for 30 years and it is not LLC. It is 100% on the sponsor's name and he was not keeping well.
Unfortunately, he is no longer with us. Can his children tell us to leave?
Could you guide me, please?
Dear Questioner,
Definitely, we can assist you. But, please provide me with the MOU and MOA to my email in order to review it and provide you with the relevant legal advice as well.
For any further inquiry, please feel free to contact me by phone or at my direct email address.
Thanks.
Dear Questioner,
Have you signed with the local sponsor any trust agreement?
If yes, is it mentioned in the agreement the fact that in case he passes away, his successors will take over the company?
In order to provide you with an answer and strategy, I need to know which documents you have signed with the local sponsor.
You can reach me at my email.
Best regards,
Raluca Gatina
Dear questioner
Legally speaking the children (as heirs) replace their late father and became the actual owner the company shall consider one of the deceased's assets.
However, if you have any kind of written agreement with the deceased owner which proves that you are the actual owner or if you have any proof that the deceased used to take a sponsorship annual/monthly fee (such as receipt /letter/undertaking), then there is a legal way to protect your interest.
If you are interested to appoint a lawyer you may contact me at the email.
