More details to this question:
If a partner dies how would his shares be past on to other partners or to family?
1 ANSWER
That depends - what does the partnership agreement say? Most partnership agreements provide for a buy out of the deceased partner's interest, and the business often takes out key man insurance to pay for the buy out. However, if the agreement is silent on the issue, the deceased partner's interest would pass pursuant to his/her will or the laws of intestacy in that jurisdiction.
Answered on Oct 05th, 2015 at 9:38 AM