Skip to main content

Business Accounting Connect Access Card for Financial Accounting: Information and Decisions

A partnership is a relation between two or more persons gathered for a common object. Generally the object of the partnership is to gain profit from a business. A partnership can be general partnership of limited liability partnership. To Indicate: the rights of legal heir of the partner after the death of the partner. A partnership agreement generally states the rights of a legal heir father the death of a partner. In case of absence of such terms in the partnership agreement, the general rule of legal heir applies. As per general rules, the legal heir gets all the rights of the deceased partner. In the given case, the son is the legal heir of the decreased partner and there is nothing mentioned about the right of a legal heir in the partnership agreement. Hence the son will get all the right of the deceased partner.

A partnership is a relation between two or more persons gathered for a common object. Generally the object of the partnership is to gain profit from a business. A partnership can be general partnership of limited liability partnership. To Indicate: the rights of legal heir of the partner after the death of the partner. A partnership agreement generally states the rights of a legal heir father the death of a partner. In case of absence of such terms in the partnership agreement, the general rule of legal heir applies. As per general rules, the legal heir gets all the rights of the deceased partner. In the given case, the son is the legal heir of the decreased partner and there is nothing mentioned about the right of a legal heir in the partnership agreement. Hence the son will get all the right of the deceased partner.

Solution Summary: The author explains that a partnership is between two or more persons gathered for the common object of gaining profit. The legal heir gets all the rights of the deceased partner.

Connect Access Card for Financial Accounting: Information and Decisions

Connect Access Card for Financial Accounting: Information and Decisions

8th Edition

ISBN: 9781259662966

Author: John J Wild

Publisher: McGraw-Hill Education

See similar textbooks

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

Blurred answer

Chapter D, Problem 4DQ

Chapter D, Problem 6DQ

Students have asked these similar questions

Financial accounting question

Bshshdhedhdhdhdhdbdhd

Hima company has a debt-equity ratio of

Knowledge Booster

Background pattern image

Similar questions

SEE MORE QUESTIONS

Recommended textbooks for you

CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:9780357110362
Author:Murphy
Publisher:CENGAGE L
Administration Of Wills/Trusts/ And Estates
Finance
ISBN:9781285281308
Author:Brown
Publisher:Cengage
SWFT Corp Partner Estates Trusts
Accounting
ISBN:9780357161548
Author:Raabe
Publisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
SWFT Comprehensive Vol 2020
Accounting
ISBN:9780357391723
Author:Maloney
Publisher:Cengage
SWFT Comprehensive Volume 2019
Accounting
ISBN:9780357233306
Author:Maloney
Publisher:Cengage

Text book image

CONCEPTS IN FED.TAX., 2020-W/ACCESS

Accounting

ISBN:9780357110362

Author:Murphy

Publisher:CENGAGE L

Text book image

Administration Of Wills/Trusts/ And Estates

Finance

ISBN:9781285281308

Author:Brown

Publisher:Cengage

Text book image

SWFT Corp Partner Estates Trusts

Accounting

ISBN:9780357161548

Author:Raabe

Publisher:Cengage

Text book image

Principles of Accounting Volume 1

Accounting

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax College

Text book image

SWFT Comprehensive Vol 2020

Accounting

ISBN:9780357391723

Author:Maloney

Publisher:Cengage

Text book image

SWFT Comprehensive Volume 2019

Accounting

ISBN:9780357233306

Author:Maloney

Publisher:Cengage

SEE MORE TEXTBOOKS