Asked by Simply Eleni on Jul 04, 2024
Verified
According to the Revised Uniform Limited Partnership Act, which of the following is not a reason for which a limited partnership can be dissolved?
A) The expiration of the term established in the certificate of limited partnership.
B) The completion of the objective established in the certificate.
C) The withdrawal of the general partner (unless the certificate establishes that other general partners will continue) .
D) An act of the court.
E) The written consent of a majority of all partners (limited and general) .
Revised Uniform Limited Partnership Act
A standardized set of laws intended to govern limited partnerships across states, aiming to provide a consistent legal framework for their creation, operation, and dissolution.
Dissolved
The process of officially ending the existence of a legal entity, such as a corporation or partnership.
- Comprehend the principles and legal structure governing the dissolution of partnerships.
Verified Answer
NH
Nurul HuwaidaJul 09, 2024
Final Answer :
E
Explanation :
Under the Revised Uniform Limited Partnership Act, a limited partnership can be dissolved for several reasons, including the expiration of its term, the completion of its objective, the withdrawal of a general partner (unless otherwise provided for), and by an act of the court. However, dissolution based solely on the written consent of a majority of all partners (limited and general) is not specified as a standard reason for dissolution, making it the incorrect choice.
Learning Objectives
- Comprehend the principles and legal structure governing the dissolution of partnerships.