A Partner Can Bring an Action for an Accounting During

question 30

True/False

A partner can bring an action for an accounting during the term of the partnership and the firm's property can be sold to satisfy the partner's personal debts.

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Definitions:

Federal Income Tax

A tax levied by the U.S. government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership with the limited liability of a corporation.

LLC

Limited Liability Company; a business structure allowing owners to benefit from the advantages of both the corporation and partnership forms of business.

General Partner's Liability

describes the legal responsibility of general partners in a partnership to bear unlimited personal liability for the debts and obligations of the partnership.