Jack and jill are equal partners in a bottled water partnership. the partnership is specifically limited to an eighteen-month term, in order to give jack and jill time to fully develop their business. after twelve months, however, jack withdraws from the partnership to start a new business elsewhere. jack's withdrawal

Question

Marcos

Business

18 January, 08:37

Jack and jill are equal partners in a bottled water partnership. the partnership is specifically limited to an eighteen-month term, in order to give jack and jill time to fully develop their business. after twelve months, however, jack withdraws from the partnership to start a new business elsewhere. jack's withdrawal

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Answers (2)

Know the Answer?

Desiree Hester · Answer 1

Jack's withdrawal is not permissible and constitutes a breach of the partnership agreement.

Shyann Rowe · Answer 2

I believe jack's withdrawal is permissable.

A limited partnership usually only created in order to do short-term projects and allow each partners to leave unless the agreement specifically foorbade them to do so. But, in most cases they're allowed as long as the leaving partner give the appropriate reimbursement to the remaining partner.