A partnership continues in existence unless one of the following happens: 1) all assets are distributed to the partners in liquidation of the partnership, or 2) a majority of the partners vote to adopt a plan of liquidation of the partnership.

Question

Quizplus · Accepted Answer

A partnership typically continues until it is dissolved by mutual agreement, completion of its purpose, or other legal reasons, not just by asset distribution or a majority vote for liquidation.

A Partnership Continues in Existence Unless One of the Following