How do I ensure my spouse can manage my business if I'm incompetent?
I'd like to plan for the future of my corporation, but my incorporating documents don't plan for my incapacitation. What document can I use to make sure my spouse has the ability to keep my business open and then wind up the corporation?
It's been years since I did anything along this line in a law firm but I have a vague recollection that the incorporation documents might have succession provisions. This is definitely an issue for a business attorney.
Is this a small business? LLC? Privately held? Publicly held? Is there a Board of Directors? If so, definitely start defining succession issues with a business attorney.
You should, I'd have thought, be able to include instructions in a springing/durable power of attorney. Best consult a lawyer and make sure it's done properly.
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Is this a small business? LLC? Privately held? Publicly held? Is there a Board of Directors? If so, definitely start defining succession issues with a business attorney.
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