Asked by Reyna Nava Sanchez on Jun 27, 2024
Verified
After dissolution, the remaining partners have a right to continue the partnership as long as the partner that is leaving agrees to the continuation.
Dissolution
The process of legally dissolving a corporation or partnership, ending its existence.
Partnership
A business structure where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.
- Ascertain the duties and rights of partners upon the conclusion or ongoing operation of a partnership.
Verified Answer
CB
Callee BighamJun 28, 2024
Final Answer :
False
Explanation :
After dissolution, the remaining partners can decide to continue the partnership business without needing the agreement of the departing partner, as the continuation of the business is typically governed by the partnership agreement or applicable laws, not the consent of the leaving partner.
Learning Objectives
- Ascertain the duties and rights of partners upon the conclusion or ongoing operation of a partnership.