If a person runs an LLC (for example, “John Doe LLC”), and John Doe passes away, does the LLC still run as a separate entity, or does it dissolve upon John Doe’s death?
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If a person runs an LLC (for example, “John Doe LLC”), and John Doe passes away, does the LLC still run as a separate entity, or does it dissolve upon John Doe’s death?
Asked on February 11, 2014 under Business Law, New York
Answers:
Brook Miscoski / Hurr Law Office PC
Answered 10 years ago | Contributor
An LLC is a separate business entity. The members of the LLC might have agreed to wind up the business if a member died, or to buy the member's interest if a member died. But that wouldn't be a law, it would be an agreement (written) between the members. Those sorts of things are pretty universal in the U.S., and that's how it is in Texas (where I'm from), but there may be some probate rules in New York that are important in what comes next.
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