When your father passes, you will get a step-up in basis for the assets that he leaves you. That means the value of the assets is their Fair Market Value (FMV) on the date of death.
As for the details of how you will operate the business, you should first consider how it is being operated now. Since this is a going concern, it may be best to continue it as it has been. The first step is to understand how things work now.
While your father is still alive, learn as much as you can about the business. Is it reported on Schedule C, or is it a business entity like a corporation? How is the bookkeeping handled? How are the taxes filed now? How is inventory tracked?
I sure you will have more questions as you learn more, please feel free to reach out with more questions.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
