Which of the following best describes the dissolution of a partnership?
A)It is paying all the outstanding obligations of the partnership.
B)It is the re-distribution of capital among the partners.
C)It is the change in the relation of the partners by ending the present legal entity.
D)It is a change in the relation of the partners by adding one.

Question

Quizplus · Accepted Answer

Dissolution of a partnership refers to the ending of the current legal entity and the change in the relation of the partners, which may lead to the winding up of the partnership's business or the continuation of the business under a new agreement.

Which of the Following Best Describes the Dissolution of a Partnership