Nevada Revised Statutes 143.050 – Continuing business of decedent; exception; prohibition on separate compensation for continuing business
1. Except as otherwise provided in subsection 2, NRS 143.520 or the decedent‘s will, after notice given as provided in NRS 155.010 or in such other manner as the court directs:
Terms Used In Nevada Revised Statutes 143.050
- Decedent: A deceased person.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) Subject to the partnership agreement and the applicable provisions of chapter 87, 87A or 88 of NRS, the personal representative may continue as a general partner in any partnership in which the decedent was a general partner at the time of death;
(b) Subject to the operating agreement and the applicable provisions of chapter 86 of NRS, the personal representative may continue as a manager or managing member in any limited-liability company in which the decedent was a manager or managing member at the time of death;
(c) The personal representative may continue operation of any of the following:
(1) An unincorporated business or joint venture in which the decedent was engaged at the time of death; or
(2) An unincorporated business or joint venture which was wholly or partly owned by the decedent at the time of death; and
(d) The personal representative may continue to exercise any shareholder, partnership or membership rights owned by the decedent at the time of death to which the personal representative has succeeded during the administration of the estate.
2. The court may, upon its own motion or upon the petition of an interested person, restrict the actions of the personal representative set forth in subsection 1 as the court determines to be in the best interest of the estate and any interested persons.
3. Unless specifically authorized by the will or by the court, the personal representative may not receive any separate compensation for continuing the operation of the decedent’s business pursuant to this section.