What happens when a partner dies in business depends on the contract. Many people may write a contract that replaces a partner with a family member of the partner.
Funds are transferred to the surviving spouse
No. The funds still belong to the company. The owner's will or estate will determine who owns the company.
The amount would be settled to the nominee. If the account holder has not filled in the nomination details then the money would go to the legal heir.
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
When one of the primary holders of a joint bank account dies, the account typically remains active, and the surviving joint account holder retains access to the funds. If there are two executors on the account, the surviving executor can continue to manage the account as per the terms of the account agreement. However, it may be necessary to provide the bank with a death certificate and possibly undergo additional legal processes depending on the jurisdiction and the specific terms of the account.
do you file a k-1 if a partner leaves the company
everything dies! Not everything dies, only the leaves the tree will survive unless you cut it down
Partner in a business will be held responsible for the debts. Partner in living together without a formal agreement or license (not married), the estate.
If your live-in partner dies without a will, their assets will be distributed according to inheritance laws. If you were financially dependent on your partner, you may be entitled to their estate. It is important to consult with a lawyer to understand your rights and the legal implications.
If a male clownfish's partner dies - like in Finding Nemo- the male fish switches gender and becomes female. Technically, Marlin should have been Marlina.
He dies forevermore. His spirit leaves middle earth
You own the land subject to the mortgage.
Hopefully the accountant has a partner who can continue the business. If not, then hopefully the accountant has put in place procedures to get the client their private information back. Worst case, lawyers may be needed to see that these things occur.
transfer
If there is no legal connection (marriage or business partnership) there is no obligation. The estate has to be settled and the assets sold to pay off the debts before anything can be distributed.
if the partnership would have been between two people only an one died the business will most likely shut down because the person left wouldn't be successful alone unless he makes the business a sole proprietorship in which he handles everything in this case they would just have to start the business with only three partners and spliting the work of the other partner among them.
God Leaves - And Dies - was created in 1996.