Liquidating business partnership
If you both signed a written when starting the business, it is likely that you included a clause detailing how long the partnership is intended to operate for and what the outcome would be on the occurrence of death or permanent disability.
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A properly drawn up partnership agreement can last many years and give you both peace of mind.
This means that the individual’s assets will be placed under control of a trustee who will consult with the individual’s creditors and convert his/her assets into cash for distribution to the creditors.
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