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Business Partnership Status After One Partner’s Death
Salam,
Scenario:
Two brothers were in equal partnership 50/50 in a manufacturing business. One brother passed away and the other has since been solely managing the whole business. Deceased heirs are either under age or in education and didn’t join the business.
Questions:
1- What’s the status of this partnership? Is it still active or considered as ceased?
2- If active, would it still be with the same equal share or does it become 30% for deceased and 70% for the remaining partner?
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