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#2272588 - 07/08/22 07:48 PM New Formation Docs
MPBSA Offline
Junior Member
Joined: Jun 2022
Posts: 28
We have a business customer and the partners are husband and wife. Recently the husband passed away and the wife is now running the business on her own and is in the process of selling the business. In this case should we need to require the wife to get updated articles of formation for the business?
Thinks in advance.

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Operations Compliance
#2272590 - 07/08/22 07:57 PM Re: New Formation Docs MPBSA
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,977
Illinois
Businesses don't die. The partnership agreement dictates what needs to happen when a partner dies. If you are not sure how this would impact the account titling, ask your legal counsel to review applicable state law and the partnership agreement to determine what, if anything, needs to be done.
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