A, B and C are partners in an accounting firm with each partner owning an equal share of the business. B died suddenly of a heart attack. What will most likely become of the partnership? Choose one answer. It will immediately cease to exist. A and C will have to find new jobs It will be dissolved. A and C will lose personal property to pay business debts. B share of the business will automatically be split between A and C A and B will be able to purchase C's interest from his estate.
A, B and C are partners in an accounting firm with each partner owning an equal share of the business. B died suddenly of a heart attack. What will most likely become of the partnership? Choose one answer. It will immediately cease to exist. A and C will have to find new jobs It will be dissolved. A and C will lose personal property to pay business debts. B share of the business will automatically be split between A and C A and B will be able to purchase C's interest from his estate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A, B and C are partners in an accounting firm with each partner owning an equal share of the business. B died suddenly of a heart attack. What will most likely become of the partnership? Choose one answer.
- It will immediately cease to exist. A and C will have to find new jobs
- It will be dissolved. A and C will lose personal property to pay business debts.
- B share of the business will automatically be split between A and C
- A and B will be able to purchase C's interest from his estate.
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