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Answered 2006-07-24 08:56:07

You and your partner should go to a lawyer and have a business contract drawn up so your interests are protected and so is his. If you don't do this, then you could lose the business or be put in the position of buying out your partner's share of the business to one of the heirs in the Will if the heir will even allow it. I had this happen to a friend of mine that had a business for "light gripping" at movie studios and it was quite the war going on before an amicable decision could be made with his partner's wife. * It depends upon how the business is established (incorporated, partnership, etc.). In such cases the state probate laws and usually UCC laws will apply in the disposition (if any) of the property.

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