Mark is a partner in Harbin Associates,a partnership.The term of the partnership agreement is one year and does not include a clause on buyouts.After the term expires,Mark decides to dissociate while the remaining partners wish to continue.Under the RUPA:
A)the remaining partners must wind up and terminate the partnership.
B)they must buy out Mark of his interest on Mark's demand for the same.
C)they must not pay Mark the greater of the liquidation price or the sale price of the business.
D)they can renew their partnership agreement.

Question

Quizplus · Accepted Answer

When the dissociated partner has not wrongfully dissociated and there is no partnership agreement on the issue,the RUPA requires the partnership to pay the dissociated partner in cash within 120 days after he has demanded payment in writing.The buyout amount must include interest from the date of dissociation.

Mark Is a Partner in Harbin Associates,a Partnership