Question
Which of the following could result in the termination of a limited partnership? Mental illness of a partner Illegal purpose of the partnership All of
Which of the following could result in the termination of a limited partnership?
- Mental illness of a partner
- Illegal purpose of the partnership
- All of the above
- Bankruptcy
This is a passage from my text:
Terminating a Partnership
Both general and limited partnerships may be terminated by agreement, judicial decree (e.g., bankruptcy), by death or incompetence of a partner, by destruction of the object of the partnership, or by impracticability of the project. In the event that a limited partnership is terminated, the limited partners receive back any capital contribution or profit in priority to the general partner.
So bankruptcy is definite, but what about the other two?
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