If certain points are not addressed in your partnership agreement, state law will apply by default. “How would the heirs of the deceased liquidate the interest of the company to pay expenses and taxes? What would happen if an unknown heir or external buyer from the deceased decided to interfere in the business? Could the company or other owners afford to buy back the deceased`s ownership shares? When you form a partnership, the most important document is a partnership agreement. Partnership agreements are legal documents subject to state laws, and each state has different language requirements in these agreements. It is common for partnerships to continue to operate for an indefinite period of time, but there are cases where a corporation must be dissolved or terminated after reaching a certain milestone or number of years.