When a sim dies

Considering the business is a home business and tied to the lot and not necessarily a Sim like in TS3 or TS4, does the business shut down if the Sim dies and can't be 'reopened' at home if a family member comes back to live in that house? Or do you have to start another one? I've not experienced this so I'm curious about this, let us know how it actually works if the Sim dies and the college kids come home if they have to restart one or if they can just continue where you left off.