I have noticed, when I mark an account closed on the Third Party page, the contacts I added to that account/third party still remain Open.
That is a logical issue; if the client’s status is closed/inactive, then the truth would then be that the means to contact that client would also be closed/inactive. It doesn’t make sense that a contact at the company is active, but the company itself is an inactive.
Just a note if anybody wants to pick that up in future development.