Question
When a partner in a business dies, what is the state of the partnership? Do his heirs become partners in his place?
Answer
Death cancels the partnership of the deceased. His partnership is not transferred to the heirs. On the death of a partner, the financial state of the business has to be compulsorily ascertained and the share of the assets of the deceased partner should be paid to his heirs.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 23 No 10
- PDF page
- 4
Appears under Questions and Answers (approximate).