According to AllBusiness.com, one of the most beneficial aspects of business incorporation is perpetual existence. This refers to the ability of a corporation to exist even after shareholders die, retire, dissolve a business or merge with another business.
That sounds like a big benefit. But what does it really mean? The case of Carl Chuzy might shed a little light on how forming a company can give an entrepreneur a legacy – and help successors find success even if a founder is no longer with a company.
Chuzy was the founder of Carl Chuzy Co. – a colorful real-estate company that offered service in Wichita with an eccentric touch. Chuzy was known for his eager listening and his cream-colored Lincoln Towncar, which his staff kept outside of his office for some time after his death.
He had an established clientele, and his employees were in no hurry to change the company’s name and potentially alienate customers after his death. Keeping the name has enabled them to maintain a successful business even in Chuzy’s absence.
Moreover, it has made Chuzy a remembered and celebrated figure in his city. “Carl wanted to keep the name Carl Chuzy Co. in the public eye,” his lawyer, Richard Foote, told BizJournals.com.
Business owners can build their own legacies by giving their enterprises perpetual existence through business incorporation. To learn more, entrepreneurs can visit online incorporation websites.
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