My late father owned a small business as a sole proprietor. My family are currently trying to run it. Our accountant has done most of the legwork, but I’d like to build an understanding of how all of this works myself.
The accountant has set up a TFN and ABN for the deceased estate trust.
I’ve read that when the owner dies, so too does the business. So how are we able to carry on the business legally? Is it technically not continued but remade and run by the trustee?
The business is an individually owned franchisee. Is it true that franchisees still have to register with ASIC the operating name that contains the franchise’s brand name? Would this be registered under the trust’s ABN?