The death of a business partner is likely to be a deeply upsetting time, as you cope with losing the person you have worked so hard with to ensure your business is a success.
While the personal loss is something which cannot be replaced, there are measures in place to ensure that your business continues to succeed and that your hard work together was not in vain. By following the correct legal procedures at this sad time, you can ensure that your partner is remembered with a successful business legacy.
Death within a partnership agreement
A strong partnership agreement is extremely beneficial in a wide range of situations, with the death of a partner being no different. Depending on what is stated within the partnership agreement and the number of partners involved, a partnership may have to be dissolved following the death of a partner. However, it may be that a partnership agreement allows for the partnership to carry on following a partner’s death, ensuring the business keeps the same name, as well as dealing with the payment of the partner’s share to his or her estate.
Failure to put together a strong partnership agreement can lead to numerous complications following the death of a partner, as debts may be pursued and the business may not be able to be reformed, leading to the partnership being wound up. Ralli Partnership Law can ensure that a strong and clearly defined partnership agreement is put in place, preventing any further upset by allowing the continued success of your business, without the sad passing of your partner leading to complications which brings around the end of the company.
Contact Ralli Partnership Law
To get in touch with our expert solicitors regarding putting together a partnership agreement or determining the next step to take following the death of a business partner, visit the contact section of the website. Alternatively, speak to us directly by calling 0161 832 6131.