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  • March 2, 2020 at 8:50 am #1000057
    Mechforest
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    Hi there,

    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?

    Thank you.

    March 3, 2020 at 1:38 am #1222533
    Paul – FS Concierge
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    Hi and welcome to the Forums.

    Your questions may touch several areas of law. As such, getting good paid advise is highly recommend.

    Cheers

    March 3, 2020 at 7:29 am #1222534
    bb1
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    expand on what you accountant has done, and ask them to explain the process, and the in’s and out’s of it all, if they are doing the work, they should be explaining it

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