Asked by Alicja Gawlik on Jun 01, 2024
Verified
In the absence of a partnership agreement,the RUPA provides that any partner who has not wrongfully dissociated may perform the winding up.
RUPA
stands for the Revised Uniform Partnership Act, which governs the operation of partnerships in the United States.
Winding Up
In partnership and corporation law, the orderly liquidation of the business’s assets.
- Comprehend the process and authority involved in winding up a partnership’s business.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
True
Explanation :
In the absence of a partnership agreement,the RUPA provides that any partner who has not wrongfully dissociated from the partnership may perform the winding up.A winding-up partner is entitled to reasonable compensation for her winding-up services,in addition to her usual share of profits.
Learning Objectives
- Comprehend the process and authority involved in winding up a partnership’s business.
Related questions
Partners Who Wind Up the Business of a Dissociated Partnership ...
Smarth, King, and Finkel Have Been Partners for Years, but ...
How Long Does It Take Before a Certificate of Dissociation ...
When the Winding Up Partners Disagree During the Process ...
When May a Partner Withdraw from a Partnership? What May ...