When a partner takes leave from the firm
On a death of a partner
On a partner becoming insolvent
All of the above
Answer is Right!
Answer is Wrong!
The correct answer is: D. All of the above
A partnership agreement can come to an end in a number of ways, including:
- When a partner takes leave from the firm. This can happen for a number of reasons, such as retirement, relocation, or a change in career.
- On the death of a partner. When a partner dies, their share in the partnership is usually passed on to their estate. The remaining partners can then decide whether to continue the partnership or dissolve it.
- On a partner becoming insolvent. If a partner becomes insolvent, they are unable to pay their debts. This can happen for a number of reasons, such as business failure or personal illness. If a partner becomes insolvent, the partnership may be dissolved.
It is important to note that the terms of a partnership agreement can vary, so it is always best to consult with an attorney to understand how your particular agreement may be affected.