Legal Question in Business Law in United Arab Emirates

13.05.2012

Dear Sir / Madam,

You may draw up the financial statements of the LLC as on the date of the partner's death and ascertain the amount payable (capital contribution plus all accumulated share of profits to the deceased partner's credit) to his legal heirs. You need to confirm whether any of the deceased partner's other legal heir wishes to become a partner of the LLC, that is if all the other partner's are willing to admit the new partner. In this scenario, the entire amount as above of the deceased partner should be refunded back to the legal heir and the new partner should be asked to introduce fresh capital in the business in proportion of his share in the forthcoming profits of the Company. It is immaterial whether the deceased partner's family is in the UAE or outside. If outside, the money should be remitted to the deceasd partner's family in the UK.

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Regards,