Daniel, Thomas, and Lucas Are Partners in a Law Firm

question 180

Multiple Choice

Daniel, Thomas, and Lucas are partners in a law firm under a typical partnership agreement in which each owns an equal share of the business. Thomas dies suddenly of a heart attack. What will most likely become of the partnership?

• A) It will immediately cease to exist and Daniel and Lucas will have to find new jobs.
• B) Thomas's share of the business will automatically be split between Daniel and Lucas.
• C) Daniel and Lucas will be able to purchase Thomas's interest from his estate.
• D) Daniel and Lucas will have to quickly find a new partner to take Thomas's place.
• E) It will dissolve, and Daniel and Lucas will lose personal property to pay business debts.

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