A Partner Cannot Make a General Assignment of Firm Property

question 15

True/False

A partner cannot make a general assignment of firm property for the benefit of creditors unless authorized by the other partners or unless they have abandoned the business.

---

Definitions:

Mutually Exclusive

Describes options or decisions that cannot be adopted or pursued at the same time.

Management Accept

The process of corporate leadership approving strategies, initiatives, or decisions based on their alignment with the organization's objectives and resource capabilities.

Required Rate of Return

The lowest yearly return rate on an investment that appeals enough to persuade people or corporations to invest in a specific venture or financial opportunity.

NPV

Net Present Value (NPV) is the calculation used to determine the current value of a series of future cash flows, discounted at the hurdle rate.