Asked by Jasmine Hemingway on Jun 12, 2024
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.
Verified Answer
Learning Objectives
- Know the required steps and legalities in the winding down of a partnership.
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