Continuing partnerships.

§ 19.689 Continuing partnerships. (a) If there is a death or insolvency of a partner in the business that holds a permit under this subpart, the surviving partner or partners may continue to operate under the permit if: (1) The partnership is not immediately 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 the exclusive right to control and possession of the partnership assets for purpose of liquidation and settlement; and (3) In the case of a plant required to file a bond, a consent of surety is filed under which the surety and the surviving partner or partners agree to remain liable on the bond. (b) If the surviving partner or partners acquire the business upon settlement of the partnership, the surviving partner or partners must file an application in their own name and receive a permit in accordance with § 19.688(a). (26 U.S.C. 5172, 5181)