Asked by Isaac Matsie on May 19, 2024
Verified
Dissociation occurs when a partner ceases to be associated in the carrying on of the partnership business.
Dissociation
The severance of the relationship between a partner and a partnership or between a member and a limited liability company.
Carrying On
Continuing to engage in a particular activity or conduct business.
Partnership Business
An authorized form of enterprise operated by two or more individuals who equally contribute to management and benefit from profits.
- Identify the consequences of a partner's termination of involvement in the partnership.
Verified Answer
CM
Christine MatosMay 22, 2024
Final Answer :
True
Explanation :
Dissociation occurs when a partner ceases to be involved in the partnership business, either voluntarily or involuntarily, marking a change in the relationship among the partners within the business structure.
Learning Objectives
- Identify the consequences of a partner's termination of involvement in the partnership.
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