The President of the Corporation I work for is deceased, he was 100% stockholder with no will. How do we as employees proceed?

I don't know what you mean. Someone has to be running the corporation and how his assets will be disposed of depends on his Will.

- is that your question?

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Originally Posted by JudyKayTee

... how his assets will be disposed of depends on his Will. ...

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The OP said there was no will.

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Originally Posted by astubercmc

The President of the Corporation I work for is deceased, he was 100% stockholder with no will. How do we as employees proceed?

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Who are the directors? One of their functions is to elect a new president in situations like these.

Someone, usually his next of kin, should file a probate petition to be appointed his personal representative. The shares would be distributed to his heirs according to the intestacy laws for the state in which he resided.

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Originally Posted by AK lawyer

The OP said there was no will.



Who are the directors? One of their functions is to elect a new president in situations like these.

Someone, usually his next of kin, should file a probate petition to be appointed his personal representative. The shares would be distributed to his heirs according to the intestacy laws for the state in which he resided.

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And what does this have to do with his employees?

I still don't understand what the OP is asking.

Good catch on the Will part, though. Thanks for that.

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Originally Posted by JudyKayTee

And what does this have to do with his employees?

I still don't understand what the OP is asking.

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I guess we will have to wait and see.

But I can envision the employees' predicament. Should they continue to come to work every day when there is no one to tell them what to do or, more importantly, to write their paycheck? Of course we don't know if the late president exercised these functions, but it is possible.

Actually, sole proprietorship or corporation, the basic answer is the same: make sure that someone, widow, son, daughter, whoever, steps up to bat and takes control.