Asked by Chasity Fields on Jun 01, 2024
Verified
Partners who wind up the business of a dissociated partnership have implied authority to sell all the assets of the partnership.
Dissociated Partnership
The process or status of a partner leaving a partnership, which may alter the partnership's legal and operational status.
Implied Authority
Authority of an agent that is not explicitly stated but rather inferred from the conduct or relationship between the parties.
- Gain knowledge of the steps and authority required for dissolving a partnership's operations.
Verified Answer
MJ
Mohamad JarrarJun 02, 2024
Final Answer :
True
Explanation :
The implied authority of a winding-up partner is the power to do those acts appropriate for winding up the partnership business.He may collect money due,sue to enforce partnership rights,prepare assets for sale,sell partnership assets,pay partnership creditors,and do whatever else is appropriate to wind up the business.
Learning Objectives
- Gain knowledge of the steps and authority required for dissolving a partnership's operations.
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