But what if the company has no value because its debts outweigh the value of its assets? Does the deceased partner’s estate become liable for his share of the company debt? This is a complicated question and cannot be answered within the constraints of this article. In most cases, though, the surviving partner or the business will need to file a creditor’s claim in the deceased partner’s estate in the proper time frame, or the claim will be barred. You should notify your deceased partner’s wife that the company has a claim against the estate immediately..
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