Is death end of business partnership?

stearn · Apprentice Joined: 05 Jun 2007 Posts: 5

I was in a partnership business with a colleague of mine for five years. He has been seriously ill and on few occasions we started talking (actually he popped a question) about what could happen if he died, but frankly I felt very awkward talking about that subject and we would stop each time we started talking about it. This week his family opened his will, but it states nothing about the business. Is death end of a business partnership?

saul · Apprentice Joined: 18 Feb 2005 Posts: 4

As I understood your partnership included only you and your late colleague. If that is the case, I must say that his death means the end of your partnership, because your partnership contract did not include an article which specifically defines the death of one partner. Even in the case your partnership included more than two partners, retirement of one of them for any reason, including death, would trigger dissolution of partnership. Such events are evidence in support of the assertion that a written partnership agreement is essential to a successful partnership.

Is death end of business partnership?

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