Legal Question in Business Law in California
In the state of California in a business partnership if a partner dies does the surviving partner own the business or the the widow maintain any right to the business?
3 Answers from Attorneys
The deceased partner's interest in the business is treated like any other property. That means it will be disposed of either as he arranged in his will or, if he had no will, according to the rules of intestate succession. Whether his widow will inherit some or all of his interest will depend upon what his will says. The surviving partner will only get the deceased partner's share if his will so states or if they had another valid contract which says so.
The surviving widow may have a community property interest in the deceased partner's share.
Read your partnership agreement to be sure, but in general his share 'should' be the property of the heirs, and the partnership 'should' be automatically dissolved upon that death. You are going to have to do all the legal, tax and partnership paperwork necessary to clean this up. If you�re serious about doing this, feel free to contact me for the legal help you'll need.
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