Lou, Pete, and Carl are all partners in a feed store business. Carl would like to retire but wants his son, Carl Jr., to take his place as partner. Is there any way Carl can have his son become a partner ?

Question

Quizplus · Accepted Answer

In a partnership, all partners have equal rights and responsibilities. Therefore, any new partner can only be added with the consent of all existing partners. Option A would not work as it only requires agreement from two of the partners. Option B is incorrect as it suggests that only Carl's profits can be assigned, which does not address the issue of adding a new partner. Option D is possible, but it would depend on the specific terms of the partnership agreement and the willingness of the existing partners to eventually bring Carl Jr. in as a partner. Option E is incorrect as partnership positions cannot be transferred through assignment, as each partner has a say in the management and decision-making of the business.

Lou, Pete, and Carl Are All Partners in a Feed