Willow Construction Company is a partnership with three equal partners. On April 4, 2020, one of the partners fell off some scaffolding and was permanently paralyzed. He could no longer contribute to the company, so he withdrew his partnership. The other two partners bought out his part of the company and continued the company with only two partners. However, they stil had to rewrite the partnership agreement to form a new partnership. This is because a change in partners causes O mutual agency. O unlimited liability for the remaining partners. O partnership dissolution. O partnership realignment.

Willow Construction Company is a partnership with three equal partners. On April 4, 2020, one of the partners fell off some scaffolding and was permanently paralyzed. He could no longer contribute to the company, so he withdrew his partnership. The other two partners bought out his part of the company and continued the company with only two partners. However, they stil had to rewrite the partnership agreement to form a new partnership. This is because a change in partners causes O mutual agency. O unlimited liability for the remaining partners. O partnership dissolution. O partnership realignment.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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