Partnerships.

§ 19.133 Partnerships. (a) If there is a death or insolvency of a partner in a company that holds an operating permit under this part, the surviving partner or partners may continue to operate under the operating permit 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 approval of the operating permit as required under § 19.132(a)(2). (26 U.S.C. 5172)