How should a partnership insure itself against an unplanned exit of a mortal kind? PENNY BATES has the answers.
MANY BUSINESSES, PARTICULARLY professional practices, operate as partnerships. Partnerships are assumed to exist where the parties actually share profits and losses proportionally, even though there may not be a written partnership agreement signed between the partners. Most advisers would advise their clients to have a written partnership agreement in place which could prevent problems arising between the partners in the future.
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