Nairobi, Aug. 10 -- The planned auction of properties linked to former Cabinet Secretary Raphael Tuju has brought renewed attention to a question many business owners do not consider until they face succession, financial distress or a family dispute: who actually owns a company's assets?

Whether an asset belongs to an individual or a company can determine what passes to heirs, how wealth is transferred between generations and whether family assets remain protected when ownership changes.

Yet business owners often assume that owning a company means they personally own everything registered in its name.

That is not how the law works. The distinction is particularly important when a shareholder dies. Families can mistakenly assume that th...