Business ownership agreements

[Tucker2]

Hi there. I am starting a business in Illinois and I have a question regarding passing on ownership in the event of unforseen circumstances (such as death).

I have heard there is such a thing as a "Quick Deed" whereby ownership of something can be basically pre-signed over to somebody else. I wish to transfer ownership of my business to my employee should anything happen to me rather than the government getting it.

I would like to know if there is a specific form or procedure I need to follow in order to accomplish this end.

Any help would be much appreciated.

 

[loku]

Transfer of business at death, etc.

I think the “Quick Deed” you are referring to is probably a quit claim deed, which is a fairly simple form or deed for real estate. It has no relevance to a business.

The two most usual ways to transfer a business at death is with a will or a revocable trust. In other words, leave the business to the employee in your will, or create a revocable trust, which gives the business to the employee at your death or in the event of specified circumstances.