Legal Question in Business Law in California
CA General Partnership Bus and Real Estate LAW:
50% GENERAL PARTNER DIES INTESTATE
ONLY ASSET IS ONE COOP APT WORTH 150K
What are the obligations of the surviving partner under law?
2 Answers from Attorneys
First, conventional wisdom is that, being down to one "partner," the partnership ceases to exist by definition. This takes it out of Article 7 (Corporations Code sections 16701 to 16705) of the Revised Uniform Partnership Act ("RUPA") which might allow continuation of the partnership minus the deceased partner, and moves it into Artcile 8 (Corps. Code sections 16801 to 16807) covering dissolution of a partnership and winding up its affairs. The surviving partner should carry out the liquidation of the partnership in accordance with the RUPA and the terms of the partnership agreement, but must also be aware that the estate must be administered according to the requirements of the Probate Code. I do not do probate work, but perhaps I could assist you with the dissolution of the partnership, and if desired please contact me directly.
His heirs will make a claim on the property and include his interest in the probate proceedings that will have to be filed. You will need to make your own claim to protect your interest. Feel free to contact me if serious about getting legal help in this.