Question

The partner who died. Answer in a word / phrase / term.

Answer 1

DEATH OF PARTNER..

COMPULSORY RETIREMENT OF PARTNER

DECEASED PARTNER

Answer 2

The partner who dies is known as a deceased partner.

• Where the company is not dissolved by a partner's death under a contract between the partners , The estate of a deceased partner shall not be liable for any act committed by the company after his death.
• Reserves, Existing Goodwill, cumulative profits or the losses that occur on the company's balance sheet at the time of a partner's death belong to all partners, including the retiring and deceased partner. Therefore, in their old profit-sharing ratio these should be shared among all parties.