Fact Pattern 30-1B (Questions B10-B13 apply)
Bryn,Cornell,and Duke are general partners in Equity Lending,a consumer credit,mortgage,and investment firm.Their agreement states that it is a breach of the agreement for any partner to assign his or her interest to a creditor without the consent of the other partners.
-Refer to Fact Pattern 30-1B.The partners decide to dissolve Equity Lending.Duke collects and distributes the firm's assets.This results in
A)nothing with respect to the firm's existence.
B)the continuation of the firm's business.
C)the termination of the firm's legal existence.
D)the temporary suspension of the firm's business.

Question

Quizplus · Accepted Answer

When the partners decide to dissolve Equity Lending and Duke distributes the firm's assets, this results in the termination of the firm's legal existence. Once the assets are distributed, the firm no longer exists as a legal entity.

Fact Pattern 30-1B (Questions B10-B13 Apply)