Blake is one of three partners in Commercial Custodial. With respect to Blake's interest in the firm, when she dies, her heirs are most likely entitled to
A)nothing.
B)a payout of her capital contribution without more.
C)the buyout price paid by the firm for the interest.
D)one-third of the value of the interest.

Question

Quizplus · Accepted Answer

In most partnership agreements, upon a partner's death, the heirs are entitled to the buyout price paid by the firm for the interest, as per the terms outlined in the partnership agreement or buy-sell agreement. This ensures the continuity of the business while providing the deceased partner's heirs with fair compensation.

Blake Is One of Three Partners in Commercial Custodial