Asked by Jasmine Hemingway on Jun 12, 2024

verifed

Verified

How long does it take before a certificate of dissociation is effective to prevent liability as a partnership is winding down?

A) 90 days
B) 180 days
C) 365 days
D) 30 days

Certificate of Dissociation

A legal document that formalizes the withdrawal of a partner from a partnership, detailing the terms of their exit and the continuation of the partnership.

Partnership

A legal form of business operation between two or more individuals who share management and profits. The partners are personally liable for the debts and obligations of the business.

Liability

A legal responsibility for one's actions or the obligation to make restitution for harm caused to others.

  • Know the required steps and legalities in the winding down of a partnership.
verifed

Verified Answer

MH
Maddy HallimanJun 16, 2024
Final Answer :
A
Explanation :
The ULPA permits the filing of a Notice of Dissociation,which is effective against everyone in 90 days.