?When may a partner withdraw from a partnership? What may cause the dissolution of a partnership? What are the two steps necessary to terminate a partnership?
What will be an ideal response?
?The partnership agreement may specify the duration of the partnership by indicating that the partnership will end on a certain date or on the occurrence of a certain event. It would bea breach of the partnership agreement for one partner to withdraw from the partnershipbefore the specified date arrived or the specified event occurred. The withdrawing partnerwould be liable to the remaining partners for any related losses.When an agreement does not specify the duration of the partnership, a partner is free to withdraw at any time without incurring liability to the remaining partners. Under the 1994 version of the UPA, withdrawal by a partner results in the dissolution (the formal disbanding)of the partnership (although a new partnership may arise among those who stay with the enterprise). Under the revised UPA, however, the withdrawal of a partner causes a partnership to be dissolved only if the withdrawal results in the breakup of the partnership itself and the business cannot continue.The occurrence of certain events also results in partnership termination. The death or bankruptcy of a partner, for example, terminates the partnership.Partnership termination is a two-step process. Dissolution is the first step in the process.The second step is the winding up of partnership affairs. Once the firm is dissolved, it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
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In general, a state law is found unconstitutional
A. if a federal law preempts the state law. B. if a state law or tax violates the commerce clause, even though there is no federal law on the subject (dormant commerce clause). C. if the state law violates some other provision of the Constitution. D. All of the above.
When interviewing a hostile witness, you should remember to?
A. ?contact and interview the hostile witness in the early stages of your investigation. B. never threaten a hostile witness with a subpoena.? C. be especially careful to be biased and unfair in your approach.? D. ?None of these choices is correct.
If John Smith had a proper domicile was Boston, Massachusetts, and the case will be heard in Suffolk County. This is an example of:
a. Jurisdiction b. Venue c. Probate d. State court
A deed that covenants against the lawful claims of people claiming by, through, or under the grantor is known as a quitclaim deed.
Answer the following statement true (T) or false (F)