Asked by Ahmed El Shamlol on Jul 26, 2024
Verified
Dissolution of a partnership can occur under the limited life characteristic if a partner:
A) dies.
B) becomes incapacitated.
C) goes bankrupt.
D) All of the above are correct.
Limited Life
Partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue.
Bankrupt
The legal status of a person or entity that cannot repay the debts it owes to creditors, leading to legal intervention for asset distribution.
- Describe the dissolution process of a partnership and the factors that can lead to it.
Verified Answer
TH
Tania HernandezJul 28, 2024
Final Answer :
D
Explanation :
The limited life characteristic of a partnership means that the partnership can be dissolved for various reasons, including the death, incapacitation, or bankruptcy of a partner.
Learning Objectives
- Describe the dissolution process of a partnership and the factors that can lead to it.
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