Identify the ways a partnership is dissolved by operation of law under the UPA. List the circumstances under which a court will order a dissolution of a partnership


A partnership is dissolved by operation of law upon (a) the death of a partner, (b) the bankruptcy of a partner or of the partnership, or (c) the subsequent illegality of the partnership. Upon application by or for a partner, a court will order a dissolution if it finds that (a) a partner has been adjudicated mentally incompetent or suffers some other incapacity that prevents him from functioning as a partner; (b) a partner has engaged in conduct prejudicial to the business, has willfully or persistently breached the partnership agreement, or has conducted himself so that it is impracticable to carry on business; (c) the business can be carried on only at a loss; (d) other circumstances render a dissolution equitable.

Business

You might also like to view...

Lita is working on her capstone movie project with other students in her assigned group. As a graduating senior, Lita is just “going through the motions” when working on this project. She rarely delves into the process of the filmmaking. Lita is experiencing ______.

A. collective rationalization B. self-censorship C. illusion of unanimity D. self-appointed mindguards

Business

What is an adjustment to a pay rate to reflect differences in working conditions or labor markets?

A. bonus B. red-circle rate C. rank-and-file adjustment D. green-circle rate E. pay differential

Business

Which of the following organizations published a comprehensive code of ethics but did not carry them out?

a. Metlife b. Enron c. J. C. Penney d. GE

Business

Title VII was amended in 1972 to cover:? A) judicial organizations.? B) ?federal employers

C) ?employees of the state and federal employers. D) ?employees of state and local employers.

Business