One of the advantages of a partnership is that the income from the partnership is taxed only once. The income from the partnership is distributed to the various partners, which is then taxed on the income from the partnership. This contrasts with a company where income is taxed at two levels: first as a company, and then at the shareholder level, where shareholders are taxed on all the dividends they receive. 11. DEATH. After the death of one of the two partners, the surviving partner has the right either to acquire the deceased`s shares in the partnership or to terminate the partnership activity and liquidate. If the surviving partner chooses to acquire the deceased`s shares, he or she must transmit this choice in writing to the executor or administrator of the deceased within three months of the death of the deceased or, if no legal representative has been appointed at the time of such election, to one of the legal heirs known to the deceased at the last known address of that heir. (a) where the surviving partner decides to acquire the deceased`s shares in the partnership, the purchase price corresponds to the deceased`s balance sheet at the time of his death, increased by the deceased`s balance sheet at the end of the preceding financial year, increased by his share of the share of the share of the social profit or reduced by his share in the social losses for the period beginning at the beginning of the financial year; during which his death occurred until the end of the calendar month in which his death occurred and decreased by withdrawals that were debited from his income account during that period. Commercial or corporate assets, trade names, patents or other intangible assets are not taken into account unless these assets were recorded in the partnership registers immediately before the death of the deceased; However, the beneficiary has the right to use the business name of the partnership.
(b) Unless otherwise specified, the winding-up and asset allocation procedure of the twinning undertaking shall be the same as that set out in paragraph 10 with regard to voluntary termination. For example, standard state rules often hold that each partner has an equal share of the partnership, although they may have contributed to different sums of money, property, or times.