When a Business Owner Dies, Sells, or Delegates Authority

On-Demand Webinar:
StreamedMay 9, 2024Duration90 minutes
  • Unlimited & shareable access starting two business days after live stream
  • Available on desktop, mobile & tablet devices 24/7
  • Take-away toolkit
  • Ability to download webinar video
  • Presenter's contact info for questions
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Headline: Business Owner Dies.

Now what? The business entity continues in perpetuity even though the owner has passed. But how do you know who is authorized to act on behalf of the business for deposit accounts and loans? Similarly, what if the owner sells and wants to transfer ownership interest? Learn how to handle these situations compliantly, collect the proper documentation, and avoid loss.
 
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
  • Understand what steps are legally permissible to take upon a business owner’s death or sale of ownership interest
  • Determine who can act for the business and who can be held liable for repayment of a loan and/or guaranty after the owner dies or sells ownership interest
  • Explain the situations when the business owner can delegate authority to others on the business entity’s account
  • Use the proper documents to change the authorized signers on the business entity’s deposit account when the owner dies, sells, or delegates authority

WEBINAR DETAILS

What happens to loans or deposit accounts when a business owner dies or sells their ownership interest? Except for a sole proprietorship, individual business owners are separate and distinct from the legal business entity (i.e., corporation, limited liability company, partnership, trust, etc.). When the individual owner dies, the legal entity continues to exist. Likewise, if the individual sells their ownership interest, the legal entity continues to exist, although ownership has changed. In both situations, your institution must determine who is authorized to act on behalf of the business entity regarding its loans and deposit accounts.

This webinar will explain the proper procedures for when the business owner dies or sells their ownership interest, including the documents that must be reviewed and the actions your institution must take. It will also explain how to determine who is authorized to act on behalf of the business entity after the owner dies, sells, or delegates authority.

WHO SHOULD ATTEND?

This informative session will benefit both loan and deposit personnel, all loan and deposit officers, collections staff, service representatives, compliance personnel, auditors, attorneys, and managers.

TAKE-AWAY TOOLKIT

  • Sample procedures for handling loans and deposit accounts after a business owner dies or sells ownership interest
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits
 
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.

TESTIMONIALS

"The presentation was well-delivered and covered a lot of useful information related to our everyday challenges."
- Najmina, Nizari Progressive FCU

Presented By

Elizabeth Fast, JD & CPAElizabeth Fast
Spencer Fane LLP
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