When Is Dissolution of a Partnership Considered Complete

question 36

Multiple Choice

When is dissolution of a partnership considered complete?

• A) Only when any partner, by choice, stops fulfilling the role of a partner to the business.
• B) Only when any partner, by default, stops fulfilling the role of a partner to the business.
• C) When any partner, by choice or by default, stops fulfilling the role of a partner to the business.
• D) Thirty days after any partner, by choice or by default, stops fulfilling the role of a partner to the business.
• E) Thirty days after any partner, by default, stops fulfilling the role of a partner to the business.

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Definitions:

Extraction Cost

The expenses associated with the removal of raw materials from their natural setting for use or sale.

Non-Monetary Benefits

Advantages or perks associated with a job or situation that are not in the form of money, such as health insurance or flexible working hours.

Hotelling Rule

A theory in economics that states the net price (price minus extraction costs) of a non-renewable resource should increase at the rate of interest over time.

Exhaustible Resource

A natural resource that can be depleted and is not replenished over a short geological time frame.