About succession and its business planning
This process includes transferring the duties and all rights from one person to the other, such as if a person is deceased his rights will be passed on to his heirs or if in the case of organization which is having combined to a complete new company which is ascending from the merger. Basically succession means a change in the theme, not the matter, of prevailing rights and responsibilities. The legal inheritor attains the same rights and accountabilities that the forerunner had. Succession can be either universal or singular . Universal succession- In this type of successions all the rights and responsibilities pass to the inheritor or the inheritors. Such as in permissible legacy all the property of the dead, no matter in which form they are in or in which ever area they are located in, will be passed to their inheritors. Means in general term all the property which is owned by one person will be passed on to their heirs when they will be dead. Singular successio