Asked by
Jacey Bishop
on Nov 21, 2024
Verified
Is Ava correct that they do not have to dissolve the partnership?
A) No, the partnership has been dissolved by act of the court because Milton was adjudicated bankrupt.
B) No, the partnership has been dissolved by operation of law because Milton was adjudicated bankrupt.
C) No, the partnership has been dissolved by Milton because Milton was adjudicated bankrupt.
D) Yes, because the partners have not agreed to end the partnership.
E) Yes, because Ava wants to continue doing business.
Adjudicated Bankrupt
Adjudicated bankrupt refers to an individual or entity legally declared insolvent by a court, having their assets liquidated or reorganized to pay off creditors.
Operation of Law
Changes in rights or obligations that occur automatically due to legal rules, rather than the actions of a person or agreement.
Partnership Dissolution
The legal process of ending the business partnership arrangement.
- Become informed about the factors influencing a partnership's discontinuation or enduring existence.
- Ascertain the statutory demands linked to the phases of dissolving, finalizing, and ending a partnership.
Verified Answer
MB
Learning Objectives
- Become informed about the factors influencing a partnership's discontinuation or enduring existence.
- Ascertain the statutory demands linked to the phases of dissolving, finalizing, and ending a partnership.