A partnership does not have perpetual existence and can "die" when the partnership agreement expires.

Question

Quizplus · Accepted Answer

A partnership is a contractual agreement between two or more parties, and as such, it does not have perpetual existence. The partnership agreement sets the duration of the partnership, and when that time period ends, the partnership comes to an end as well. However, the partners can choose to renew the partnership or create a new partnership agreement to continue their business relationship.

A Partnership Does Not Have Perpetual Existence and Can "Die