Which of the following is true regarding the effect of the death of a partner on a general partnership?
A) Unless there is an agreement to the contrary,the partnership dissolves upon the death of a partner.
B) Unless there is an agreement to the contrary,the partnership ceases to exist 10 days after the death of any partner.
C) The remaining partners must by operation of law continue the partnership for at least one year.
D) Within 90 days the remaining partners may elect to continue the partnership.

Question

Quizplus · Accepted Answer

Unless there is an agreement to the contrary in the partnership agreement, the death of a partner results in the dissolution of the partnership. This means that the partnership ceases to exist and must be wound up, unless the remaining partners choose to continue the partnership by entering into a new agreement.

Which of the Following Is True Regarding the Effect of the Death