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21 July, 17:48

When a partner is added to a partnership: Multiple Choice

1. The previous partnership ends.

2. The underlying business operations must close and then re-open.

3. The underlying business operations end.

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Answers (1)
  1. 21 July, 17:52
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    The correct answer is letter (1) : The previous partnership ends.

    Explanation:

    A partnership is an organization where two or more individuals operate a business. They share the profits in proportion to their percentage partnership interest. There are two (2) types of partnerships: general partnerships and limited partnerships. General partnerships share unlimited liability, while limited partnerships do not. In any of the cases, if a new partner is to be added to the organization, the previous partnership dissolves.
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Home » Business » When a partner is added to a partnership: Multiple Choice 1. The previous partnership ends. 2. The underlying business operations must close and then re-open. 3. The underlying business operations end.
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