Under the Uniform Partnership Act (UPA), Dissolution of a Partnership

question 52

Multiple Choice

Under the Uniform Partnership Act (UPA) , dissolution of a partnership is said to be by the operation of law when:

• A) the partnership is at will and a partner wants to leave the organization.
• B) the entire partnership becomes bankrupt.
• C) the term of the partnership agreement has expired.
• D) all the partners decide that it is preferable to dissolve than to continue.
• E) the partners decide to discharge a partner though no provision permits them to do so.

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Definitions:

Financial Assets

Resources having economic value that are held by an individual or corporation, primarily including stocks, bonds, and cash equivalents.

Entrepreneur

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Profit

Reward for entrepreneurial ability; sales revenue minus resource cost.

Tangible

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