Olin is a partner in Precision Plumbing. When the partners decide to dissolve the firm, Olin collects and distributes the assets. This results in
A)nothing with respect to the firm's existence.
B)the continuation of the firm's business.
C)the termination of the firm's legal existence.
D)the temporary suspension of the firm's business.

Question

Quizplus · Accepted Answer

The dissolution of a firm, followed by the collection and distribution of assets by a partner, typically leads to the termination of the firm's legal existence. This process is part of winding up the business, which concludes its operations and legal activities.

Olin Is a Partner in Precision Plumbing