Questions & Answers
Application of the MOA terms in case of a partner's death
Hi,
There are 3 partners in an LLC company. One is local partner who holds 51 % of shares, the second partner holds 36 % of shares, and the third partner holds 13% of shares.
According to the memorandum of association, it's written that in case of second partner death, the 3rd partner will be the managing director of the company and have full rights to represent the company in all ministries, to sell, buy companies assets, to close, open bank accounts and to hire or fire staff, etc.
Now, the second partner passed away.
My question is: Will the company's bank accounts be frozen or the second partner has full rights according to the MOA?
Hello,
As per your query, as there is a death of the second partner and as it is mentioned in the MOA, so you can take the death certificate with the MOA and show it to the bank.
In order to be more secure, you may get an order form for the change of your responsibilities based on the MOA.
Please contact us via phone or email.
