Does the death of a partner automatically dissolve a partnership? According to the practice questions on this subject,it does. However, a partnership agreement can exclude the dissolution of the partnership in such a case. Please further clarify this matter
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Automatic dissolution of a Partnership
6y ago#1Technically the death of a partner dissolves a partnership
However, a partnership agreement may provide that the remaining partners may continue as though the death hadn't occurred
But there has to be an account settled with the estate of the deceased partner
So, effectively, the old firm ceases and a new one rises like a phoenix from the ashes
But it's the end of one firm and the instant creation of a new firm using the name and office and staff
OK?
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