Partner’s disassociation: means that the partner can no longer act on the firms behalf. A partner can be disassociated from the partnership when any of the following occurs, When a partner gives notice to the partnership expressing will to withdraw as a partner. The frim expels him or her from the partnership in accordance with the agreement, in case of violation of terms of agreement or unlawful conduct. When a partner becomes bankrupt or When the partner dies. To explain: if an individual partner can simply decide to leave the partnership, what are the legal recourse against that partner.

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Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 16.4Q

To determine

Partner’s disassociation: means that the partner can no longer act on the firms behalf. A partner can be disassociated from the partnership when any of the following occurs,

When a partner gives notice to the partnership expressing will to withdraw as a partner.

The frim expels him or her from the partnership in accordance with the agreement, in case of violation of terms of agreement or unlawful conduct.

When a partner becomes bankrupt or

When the partner dies.

To explain: if an individual partner can simply decide to leave the partnership, what are the legal recourse against that partner.

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Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 16.4Q

To determine

Partner’s disassociation: means that the partner can no longer act on the firms behalf. A partner can be disassociated from the partnership when any of the following occurs,

When a partner gives notice to the partnership expressing will to withdraw as a partner.

The frim expels him or her from the partnership in accordance with the agreement, in case of violation of terms of agreement or unlawful conduct.

When a partner becomes bankrupt or

When the partner dies.

To explain: if an individual partner can simply decide to leave the partnership, what are the legal recourse against that partner.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 16.4Q

To determine

Partner’s disassociation: means that the partner can no longer act on the firms behalf. A partner can be disassociated from the partnership when any of the following occurs,

When a partner gives notice to the partnership expressing will to withdraw as a partner.

The frim expels him or her from the partnership in accordance with the agreement, in case of violation of terms of agreement or unlawful conduct.

When a partner becomes bankrupt or

When the partner dies.

To explain: if an individual partner can simply decide to leave the partnership, what are the legal recourse against that partner.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Chapter 16, Problem 16.4Q

To determine