Asked by Brooke Rupert on Jun 18, 2024
Verified
Joseph and Susan are shareholders in a closely held corporation.If nothing was written about this,when Susan dies,all the corporate property will go to Joseph.
Closely Held Corporation
A corporation that has a small number of shareholders, often characterized by its lack of public trade on stock exchanges and its tight-knit management.
Corporate Property
Assets owned by a corporation, which can include real estate, machinery, intellectual property, and other tangible and intangible assets.
- Acquire insight into the effects of intestacy on the distribution of an individual's estate.
Verified Answer
KC
Keeziah Charise FloresJun 23, 2024
Final Answer :
False
Explanation :
Corporate property is owned by the corporation, not by the shareholders directly. Upon Susan's death, her shares in the corporation would be handled according to her estate plan or state law, but the corporate property itself remains with the corporation.
Learning Objectives
- Acquire insight into the effects of intestacy on the distribution of an individual's estate.