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Code of Federal Regulations Title 27. Alcohol, Tobacco Products and Firearms § 27.19.117 Partnerships

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) If there is a death or insolvency of a partner in the business registered under this part, the surviving partner or partners may continue to operate under the notice of registration if:

(1) The partnership is not terminated under the laws of the particular State but continues until the winding up of the partnership affairs is complete;

(2) The surviving partner or partners have exclusive right to the control and possession of the partnership assets for purposes of liquidation and settlement;  and

(3) A consent of surety is filed where the surety and the surviving partner or partners agree to remain liable on the operations or unit bond.

(b) If the surviving partner or partners acquire the business upon settlement of the partnership, the surviving partner or partners must file as an incoming proprietor and receive an approved notice of registration of the plant in accordance with § 19.116(a).

(Authority:  26 U.S.C. 5172)

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Cite this article: FindLaw.com - Code of Federal Regulations Title 27. Alcohol, Tobacco Products and Firearms § 27.19.117 Partnerships - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-27-alcohol-tobacco-products-and-firearms/cfr-sect-27-19-117/

Read this complete Code of Federal Regulations Title 27. Alcohol, Tobacco Products and Firearms § 27.19.117 Partnerships on Westlaw

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