(a) the surviving partner decides to acquire the shares of the partnership`s assets; The purchase price corresponds to the scammer`s capital account at the time of his death, plus the fraudster`s income account at the end of the previous fiscal year, increased its share in the company`s profits or decreased its share of social losses during the period from the beginning of the fiscal year in which their death occurred until the end of the calendar month in which their death occurred, and reduced by withdrawals made from their income account during that period. Value, trade name, patents or other intangible assets are not taken into account unless these assets were included in the company books immediately prior to the death of the deceased; However, the survivor has the right to use the commercial name of the partnership. Nor can a New York limited partnership have a long lifespan. A specific date on which the partnership must be terminated must be included in the limited partnership certificate, which must be submitted to the New York Department of State. Debt/responsibility issues – will a partner`s insolvency or bankruptcy affect their membership? How are debts repaid? How are partners protected from partnership debts? Opinion of Rocket Lawyer On Call Attorney Samuel Brotman, Esq Going in business with one or more partners? A limited partnership contract defines the terms of your partnership and helps protect the success of your future business. With an agreement between you and your partners regarding your property rights and commitments, you can once again work together on your business goals. This partnership agreement will be concluded on [date] between these restrictions apply to the limited liability of the LLC and the use of THE LLC funds. Compared to the company or LLC, a New York limited partnership is not a widespread business entity.