Ask Question
BusinessBusiness
9 October, 07:34

When a partnership agreement does not specify how long it will last, it will end?

+4
Answers (1)
  1. 9 October, 07:58
    0
    When an agreement does not specify the duration of the partnership, a partner is free to withdraw at any time without incurring liability to the remaining partners. Under the old version of UPA, still in effect in some states withdrawal by a partner results in the dissolution of the partnership although a new partnership may arise among those who stay in the enterprise. Under the revise UPA, in effect in other states the withdrawal of a partner causes a partnership to be dissolved only if the withdrawal results in the breakup of the partnership itself and the business cannot continue.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “When a partnership agreement does not specify how long it will last, it will end? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A soft drink bottler incurred the following factory utility cost: $3,686 for 1,300 cases bottled and $3,766 for 1,900 cases bottled. Factory utility cost is a mixed cost containing both fixed and variable components.
Answers (1)
Farmers successfully selecting for increased oil content in soybeans over many generations is an example of what type of selection?
Answers (1)
To enter markets where superior profits are possible, an MNC should do which of the following? a. establish a subsidiary or acquire a competitor in a new market. b. acquire a competitor that has controlled its local market. c.
Answers (1)
When new technology for the more efficient production of peanut butter was implemented, the supply curve for peanut butter
Answers (2)
You are the owner of a retail shop. One of your managers regularly calls employees and coworkers names like deadbeat and crook in her e-mails. What should you review with this manager? A. Abusive language B. Careless language C.
Answers (1)
New Questions in Business
Now consider a strangle using the same call with a strike price of $100 and a different put with a strike price of $95. Both have the same expiration date.
Answers (1)
Mullineaux Corporation has a target capital structure of 70 percent common stock and 30 percent debt. Its costs of equity is 15 percent, and the cost of debt is 8 Percent. The relevant tax rate is 35 percent.
Answers (1)
That the total dollar amount of the debits equals the total dollar amount of the credits in the ledger accounts can be verified through a (n) a. balance sheet b. trial balance c. chart of accounts d. income statement
Answers (1)
Coronado Shoes Fool Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case.
Answers (1)
Suppose during 2014 that Federal Express reported the following information (in millions) : net sales of $35,497 and net income of $98.
Answers (2)
Home » Business » When a partnership agreement does not specify how long it will last, it will end?
Sign Up Forgot Password?