In the Case of a Partnership, _____ Refers to Finishing

question 39

Multiple Choice

In the case of a partnership, _____ refers to finishing the business at hand, settling accounts, and terminating the firm.

• A) dissociation
• B) dissolution
• C) dilution
• D) renunciation
• E) winding up

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Definitions:

Partnership

An official business arrangement where several individuals jointly manage the business and divide the profits among themselves.

Articles of Organization

Official papers submitted to state authorities to formally establish a limited liability company (LLC).

Limited Liability Company

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

Certificate of Authority

A certificate of authority is an official document granting a company the license to do business in a particular jurisdiction outside of its original registration.