A partner cannot make a general assignment of firm property for the benefit of creditors unless authorized by the other partners or unless they have abandoned the business.

Question

Quizplus · Accepted Answer

Under the Uniform Partnership Act (UPA), a partner cannot make a general assignment of firm property for the benefit of creditors unless they have the authorization of the other partners or have abandoned the business. This is to protect the interests of all partners and ensure that any such assignment is made with the consent of all parties involved.

A Partner Cannot Make a General Assignment of Firm Property