What should I do with my Premises ID if I go out of business, die, lose the business in a divorce or bankruptcy or business split, my offspring/students no longer raise animals?
The premises ID stays with the property regardless of whether you, your former bank, your former spouse or your heirs own the property. The contact information will change, but the Premises ID will not. If a situation calls for the ownership of a property to be divided (ex-spouse, heirs, exbusiness partners), then some additional premises registrations may be required for the divided properties. If the land is taken out of livestock production permanently, (for instance, subdivided for commercial development) then the Premises ID no longer has any application and should be retired.
Related Questions
- What should I do with my Premises ID if I go out of business, die, lose the business in a divorce or bankruptcy or business split, my offspring/students no longer raise animals?
- What can we do to ensure that ownership of the business remains completely within the family, even after the death, divorce or bankruptcy of a family member?
- If i were to file personal bankruptcy, would i lose my business?
