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Electronic Code of Federal Regulations

e-CFR data is current as of March 26, 2020

Title 27Chapter ISubchapter APart 19Subpart E → §19.117

Title 27: Alcohol, Tobacco Products and Firearms
Subpart E—Changes to Registrations and Permits

§19.117   Partnerships.

(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).

(26 U.S.C. 5172)

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