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What is prepetual succession? |
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Answer» Means business can be transferred to three successive generation and have business continuity It means that owner and business is considered separate form of entities in the eyes of law. Perpetual Succession Company is a legal entity separate of its owners or members. It can be brought to an end only by law as it is created by the law. It will only cease to exist when a specific procedure for its closure, called winding up, is completed. Members may come and go, but the company continues to exist through consecutive succession of old members by new members on a continuous basis. We can say that ‘perpetual succession’ implies permanent existence which is not affected by death, retirement insolvency of members. |
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