Question

Mary and Michael are equal partners in the MB squared partnership. Unfortunately, Michael dies leaving all...

Mary and Michael are equal partners in the MB squared partnership. Unfortunately, Michael dies leaving all of his property to his two nieces. The nephews come to you for legal advice.

Prepare a list for them of

a) what rights they will have in the partnership and

b) what rights they will not have. Be specific.

Business   Operations-Management   
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Answer #1

A) IF MICHAEL WILL BE HAVING HIS WILL THEN THE NOMINE WHOSE NAME HAS BEEN WRITTEN IN WILL WOULD BE GETTING THAT PROPERTY AND PARTNERSHIP RIGHTS. IF THERE IS NO WILL THEN THE NIECE WOULD BE ASKED IF THEY WANT TO BE PARTNER IN FIRM, IF THE AGREES THEN THE PARTNERSHIP CONTRACT WILL BE  RENEWED WITH  ALL NEW RIGHTS AND NEW RATIOS.

B) THEY WILL NOT BE GETTING ANY GAINS ON THE BASES OF EARLIER PROFIT SHARING RATION. NEW CONTRACT AND NEW SHARE WILL BE MADE AND THEY WILL BE GETTING EVERYTHING ACCORDINGLY.

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