Corporate dissolution¶
If the business is a sole proprietorship, it ceases to operate upon the owner's death. Its assets and debts become part of the owner's holdings, and the estate is distributed according to the terms of the will. (...) In the event of the death of a single member LLC, the operating agreement determines what happens as well. It will cease to exist when the owner dies, unless there are provisions for the LLC to live on after its owner.