A Partnership Will Terminate and Its Tax Year Will Close

question 44

True/False

A partnership will terminate and its tax year will close if the partnership ceases to carry on any business activity.

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Definitions:

Contractor

An individual or company that agrees to provide services or perform tasks for another entity under the terms of a contract.

Tech Consultant

An expert who provides professional or expert advice in the technology field.

Executor

A person appointed by a testator to execute or carry out the instructions and wishes specified in their will.

Articles of Partnership

A document that outlines the terms and conditions under which a partnership operates, including responsibilities, profit distribution, and decision-making processes.