Email previously sent to Business Student
In response to this, I have contacted my housemate (Business Student):
"With being in a partnership, if a partner was to die, what are the available and possible options? Also if partners were to fall out, what would the outcome be and what are the options?"
Hope fully this will help us to answer just a few of these questions. I have also emailed the Solicitor back in regard to getting to know a little more about fee's.
Response to above:
"If your in a partnership you'll have a contractual agreement, for example decisions cant be made unless both partners are in agreement, unless there is a majority shareholder i.e, if one partner has 49% share and the other 51%, the one with 51% has control of decision making. If one dies there will be a clause in the contract that states what will happen to the partners share of the business." Katy Gosling
" So we have to personally come up with what would happen to a deceased partners share? So for instance it could be passed on to a family member or...?" Myself
"Yeah, I doubt you'll have to go into that much detail to be honest, but yeah, it usually has to be agreed by the other partner, usually if a partner died their shares would be sold to the other partner and profits go to the estates." Katy Gosling
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