1.4.3.2 - Modes of Dissolution
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Practice Questions
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What is dissolution in the context of a partnership?
💡 Hint: Think about what happens when a business closes.
Name one mode of dissolution.
💡 Hint: Can partners decide together to end their partnership?
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Interactive Quizzes
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Which of the following is NOT a mode of dissolution?
💡 Hint: Look for the methods that are based on mutual or legal consensus.
True or False: All partners are always allowed to decide the terms of their dissolution.
💡 Hint: Consider situations when partners might not agree.
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Challenge Problems
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A partnership consists of three partners: A, B, and C. If they decide mutually to dissolve and divide their assets after paying debts of $10,000 and loans to each partner amounting to $5,000. They realize their assets for $30,000. How would they distribute leftovers?
💡 Hint: Calculate total payments before distribution.
If one partner refuses to agree to the dissolution, can the others proceed? Discuss the legal implications and the steps involved.
💡 Hint: Consider the role of the law in partnership agreements.
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