Rule 5.350. Continuance of Unincorporated Business or Venture

(a) Separate Accounts and Reports. In the conduct of an unincorporated business or venture, the personal representative shall keep separate, full, and accurate accounts of all receipts and expenditures and make reports as the court may require.

(b) Petition. If the personal representative determines it to be in the best interest of the estate to continue an unincorporated business or venture beyond the time authorized by statute or will, the personal representative shall file a verified petition which shall include:

(1) A statement of the nature of that business or venture;
(2) A schedule of specific assets and liabilities;
(3) The reasons for continuation;
(4) The proposed form and times of accounting for that business or venture;
(5) The period for which the continuation is requested; and
(6) Any other information pertinent to the petition.

(c) Order. If the continuation is authorized, the order shall state:

(1) The period for which that business or venture is to continue;
(2) The particular powers of the personal representative in the continuation of that business or venture; and
(3) The form and frequency of accounting by that business or venture.

(d) Petition by Interested Person. Any interested person, at any time, may petition the court for an order regarding the operation of, accounting for, or termination of an unincorporated business or venture, and the court shall enter an order thereon.