A Partner Can Withdraw from a Partnership by Any of the Following

question 123

Multiple Choice

A partner can withdraw from a partnership by any of the following means except:

• A)Selling his/her interest to another person for cash.
• B)Selling his/her interest to another person in exchange for assets.
• C)Receiving cash from the partnership in the amount of his/her interest.
• D)Receiving assets from the partnership in the amount of his/her interest.
• E)Close the business and liquidate the assets under the mutual agency principle.

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Definitions:

Disclosure Status

The current state of information shared or made transparent, particularly in legal or financial contexts.

Code of Ethics

A set of principles and standards that guide the professional conduct and decision-making of individuals within an organization or profession.

NFPA

National Fire Protection Association, a global organization dedicated to eliminating death, injury, property, and economic loss due to fire, electrical, and related hazards.

NALA

The National Association of Legal Assistants, a professional organization that provides certification and education for paralegals and legal assistants.