Asked by hemangi mujumdar on May 15, 2024
Verified
A partner can bring an action for an accounting during the term of the partnership and the firm's property can be sold to satisfy the partner's personal debts.
Partnership Term
The duration or length of time during which a partnership agreement is effective or operational.
Personal Debts
Financial obligations or amounts owed by individuals as opposed to businesses or governments.
- Identify the effects of a partner's actions on the partnership and its legal existence.
Verified Answer
MA
Meron AbrhamMay 19, 2024
Final Answer :
False
Explanation :
A partner can indeed bring an action for an accounting during the term of the partnership if grounds exist, but the firm's property cannot be sold to satisfy a partner's personal debts. Instead, a creditor must first obtain a charging order against the partner's interest in the partnership.
Learning Objectives
- Identify the effects of a partner's actions on the partnership and its legal existence.
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