QUESTION
What happens to a business if the two partners die around the same time? No other partners in firm.
Asked on Aug 30th, 2012 on Business Law - Connecticut
More details to this question:
I'm researching a novel. Would business shut down? Would the partners have accounted for this in a document when setting up partnership? Thanks.
1 ANSWER
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If there was a partnership agreement, then that document would govern how the partnership would proceed. Absent a partnership agreement, the death of any partner would cause the partnership to dissolve.
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Answered on Aug 30th, 2012 at 2:19 PM