Question

Concept of Perpetual Succession. Are there exceptions? If so, cite them.

PLEASE ANSWER ASAP

Answer 1

Perpetual Sucession : company does not die or cease to exist unless it is specifically wound up or the task for which it was formed has been completed. Membership of a company may keep on changing from time to time but that does not affect life of the company. Death or insolvency of member does not affect the existence of the company.

In company law, perpetual succession is the continuation of a corporation's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock etc
A company does not die or cease to exist unless it is specifically wound up or the task for which it was formed has been completed.
Yes there is an Exception for perpetual succession
In case of a sole proprietorship there is only one person and the business comes to and end if the owner dies because he is the only owner. Hence, sole proprietorship does not have perpetual succession