Heidi, Sergei, Shou-Ju, and Jesus form a general partnership to operate a sporting equipment store. After their first store is successful, they expand until the partnership owns 100 stores. At that time, Heidi dies. Which of the following is true?A. All of the partnership assets transfer to Heidi's heirs.
B. Heidi's heirs receive nothing.
C. Heidi's heirs now have the right to receive Heidi's one-quarter of the partnership's profits and other partnership distributions.
D. Heidi's share of profits is split among the remaining 3 partners.
E. One quarter of the partnership assets transfer to Heidi's heirs.

Question

14-04-2020
Business

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Heidi, Sergei, Shou-Ju, and Jesus form a general partnership to operate a sporting equipment store. After their first store is successful, they expand until the partnership owns 100 stores. At that time, Heidi dies. Which of the following is true?A. All of the partnership assets transfer to Heidi's heirs.
B. Heidi's heirs receive nothing.
C. Heidi's heirs now have the right to receive Heidi's one-quarter of the partnership's profits and other partnership distributions.
D. Heidi's share of profits is split among the remaining 3 partners.
E. One quarter of the partnership assets transfer to Heidi's heirs.

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ogechukwubenedict ogechukwubenedict · Answer 1 · 2020-04-17T03:43:43+02:00

Answer: D. Heidi's share of profits is split among the remaining 3 partners.

Explanation: A general partnership is a form of business arrangement by which two or more individuals agree create a business, sharing in all assets, profits, and financial and legal liabilities. However, unless there is a signed written agreement between partners when starting the business, with a clause setting out what would happen on the occurrence of death, the general partnership dissolves after the death of a partner. If the partnership terminates, then the assets and outstanding liabilities are all sold and the proceeds are divided equally among the partners. Therefore, Heidi's share of profits is split among the remaining 3 partners.