Exam 39: Partners Dissociation and Partnerships Dissolution and Winding up

Barks and Paws partnership is in the business of selling pit bull dogs.After operating the partnership for one year,the state outlawed the breeding and sales of pit bulls.Assuming this is the only activity of the partnership,dissolution of the partnership will be required.

As per RUPA,if a nonwrongfully dissociated partner demands payment from the partnership,he should be paid:

In the absence of a partnership agreement,the RUPA provides that any partner who has not wrongfully dissociated may perform the winding up.

Which of the following is true about asset distribution in an LLP?

In limited liability partnership,most of the partners have liability for partnership obligations:

Which of the following is true about the liability of a dissociated partner for obligations incurred while a partner?

When the winding up partners disagree during the process:

A novation is said to take place when continuing partners release a dissociated partner from liability but creditors do not release him.

Mr.Smith and Mr.Blue enter into a partnership at will in which each owns half of the business.Mr.Blue decides to leave the partnership.What should Mr.Blue be paid for leaving the business?