Barney owns the land and equipment to operate Frugal Farms

Subject:SociologyPrice:2.86 Bought9

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Barney owns the land and equipment to operate Frugal Farms. He has not registered his business with the secretary of state.

His wife Betty lives with him on a house on the land, but she is not a co-owner of the land and works in town at the local bank.

Barney has 2 adult children, Tex and Dakota, from a previous marriage that live in different states and have no children themselves. Barney's parents died in a boating accident last year.

Barney dies unexpectedly in a traffic accident. Barney did not have a will.

• What type of business entity was Barney operating?

• Who are Barney's heirs now that he has died?

• Who gets the land? What kind of co-tenancy do they have in the land? What interest does each own?

• Who gets the livestock, inventory and equipment? What interest will each get and how will they likely divide it?