₦airaland Forum

Hello, is it possible to take ownership of a company(sole/incorporated) when the owner is dead.. Can a family member do that.. Thank you for your reply

poh10:
Hello, is it possible to take ownership of a company(sole/incorporated) when the owner is dead.. Can a family member do that.. Thank you for your reply

Am not very sure but I think the next of kin with which the business was registered under the company Allied incorporation has the legal right to approve such transfer.

Do well to visit the customer care division of any CAN office for a concrete answer.

Keep winning!

it depends on the nature of incorporation.
if its a sole proprietor where there is only one owner, then the legal representative of the deceased owner can apply. it will be tough as it is believed that sole proprietor does not continue after the death of the owner
if it is limited liability the other shareholders can continue the business.

Emproxy:
Am not very sure but I think the next of kin with which the business was registered under the company Allied incorporation has the legal right to approve such transfer.

Do well to visit the customer care division of any CAN office for a concrete answer.

Keep winning!

Thank you

legalexpert:
it depends on the nature of incorporation.
if its a sole proprietor where there is only one owner, then the legal representative of the deceased owner can apply. it will be tough as it is believed that sole proprietor does not continue after the death of the owner
if it is limited liability the other shareholders can continue the business.

Thank you

By law sole proprietor is not transferable. The next of kin can inherit the assets only.

If you Soo much like the name you have to rush fast file for the name afresh as new business. Back it with death certificate etc...

If someone else files and gets it before you it's gone.

Summary sole proprietor is for life and for the living.