Question

IS There a wrong about this section f clause on a partnership agreement?

DEATH OF A MEMBER

            If one party member dies at any point, they are removed from the agreement and all debts which they have will be used first to pay off any debts that they own from their business. Next the rest will be paid in accordance with their interest in the partnership. If one member cannot pay, they can borrow the funds from the other member and is given 1 year to repay him/her back. If they cannot pay the full amount, the deceased members assets will then be used. The interest of the deceased member will then be divided equally to each remaining member. Those remaining members are given 1 year to pay the interest that they gained in the form of capital.

EXPULSION

            Any of the parties may be expelled from the partnership through the combination of a majority vote and one or more of these instances: one of the parties files for bankruptcy, gets charged or convicted of a crime, breaches the partnership agreement. A party can also be expelled from the partnership if that party wants out of the partnership and there is a unanimous vote to have that party out of the partnership. The partnership will not be dissolved if an expulsion of a party occurs. An expelled party will receive his share of interest in the partnership in assets upon expulsion.

  

Answer 1

As per the partner ship act if any partner died the partner ship will be closed , and new partner ship deed to be done among the other or with new partner.

Partner ship means two or more persons come together to do some business to earn profit. if a partner died the partnersip between them comes to an end.