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    astubercmc's Avatar
    astubercmc Posts: 1, Reputation: 1
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    #1

    Feb 26, 2010, 11:23 AM
    100% stockholder deceased
    The President of the Corporation I work for is deceased, he was 100% stockholder with no will. How do we as employees proceed?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Feb 26, 2010, 11:46 AM

    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?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Feb 26, 2010, 01:19 PM
    Quote Originally Posted by JudyKayTee View Post
    ... how his assets will be disposed of depends on his Will. ...
    The OP said there was no will.

    Quote Originally Posted by astubercmc View Post
    The President of the Corporation I work for is deceased, he was 100% stockholder with no will. How do we as employees proceed?
    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.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Feb 26, 2010, 04:29 PM
    Quote Originally Posted by AK lawyer View Post
    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.

    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.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Feb 27, 2010, 12:29 AM
    Quote Originally Posted by JudyKayTee View Post
    And what does this have to do with his employees?

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