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A Problem of Sudden Termination R. Iwasko and G. Nashimo have been partners in the business of importing goods from Japan and other Pacific countries. Even though the business has been very profitable, the two partners had to draw heavily on their personal resources to get the business started and to cope with rapid growth. On January 31, 20-, the balance sheet of the business is as shown below. The equity figure of $90496 does not represent the true worth of the business which is estimated to be in the neighbourhood of $300000. On February 1, Nashimo is killed in an automobile accident. Lawyers for the estate of the deceased inform Iwasko that Nashimo's death legally terminates the partnership. Further, the family is taking the legal steps necessary to obtain Nashimo's share of the worth of the business. Iwasko is fully aware that he will have to comply with the law. However, he ha: his own future to think about. He hopes to be able to continue to operate the bus ness because it has proven to be profitable and satisfying. LIABIUITIES AND PARTNERS' EQUITY Questions 1. What does partnership law state regarding the death of a partner? 2. What is Nashimo's equity in the business? 3. What is the estimated worth of the business? 4. How much should Nashimo's family get out of the business? 5. What problem does this present for Iwasko? 6. What would be the most straightforward way for Iwasko to resolve the problem suggested in 5 above? 7. Give one undesirable aspect and one desirable aspect of this course of action. 8. Suggest an alternative course of action, one involving participation in the business by Nashimo's family. Give an undesirable aspect of this course of action. 9. What must happen if Iwasko can neither borrow money nor make a deal with Nashimo's family? 10. What additional hardship would this involve? 11. How could insurance be used to avoid difficulties of sudden termination