Bette is one of three partners in Clean & Clear, a commercial janitorial service. With respect to her interest in the firm, when she dies, her heirs are most likely entitled to

Question

Bette is one of three partners in Clean & Clear, a commercial janitorial service. With respect to her interest in the firm, when she dies, her heirs are most likely entitled to​

Quizplus · Accepted Answer

Bette's heirs would be entitled to the buyout price paid by the firm for her interest in Clean & Clear. This is because in a partnership, each partner's interest is personal property that can be bought and sold. Upon Bette's death, her interest would pass to her heirs as part of her estate, and the partnership agreement likely includes provisions for valuing and buying out a deceased partner's interest. The heirs would not be entitled to the entire value of the interest or just Bette's capital contribution, as the partnership is a separate legal entity with its own value that goes beyond the capital contributions of individual partners.

Bette Is One of Three Partners in Clean & Clear