Fact pattern 16-2 bryn, cornell, and duke are general partners in equity lending, a consumer credit, mortgage, and investment firm.

Question

Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their partnership 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. The partners have decided to dissolve Equity Lending, and Duke is responsible for collecting and distributing the firm's assets. What is the result of this action? Select one: a. The temporary suspension of the firm's business. b. The termination of the firm's legal existence. c. Nothing with respect to the firm's existence. d. The continuation of the firm's business.

Anonymous · Accepted Answer

Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, andinvestment firm. Their agreement states that it is a breach of the agreement for any partner toassign his or her interest to a creditor without the consent of the other partners.Refer to Fact Pattern 27-3. The partners decide to dissolve Equity Lending. Duke collects anddistributes 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.Answer : (C)57.Oliana is a partner in Pacific Traders. In the majority of states, with respect to any partnershipobligations that Oliana does not participate in, know about, or ratify, Oliana would be liable for58.Craig, Donna, and Eve do business as FastTrak Career Consultants. Eve's relationship toFasTrak ends, but the firm continues to do business. This is59.Brad and Carolyn are partners in Doctors for Children, a medical clinic. Brad's dissociation fromthe firm results iExplanation:yes sir

Anonymous · Answer

C. The termination of the firm's legal existence. Explanation:General partners are individuals, two or more , who come together to own a business and controls daily activities of the business. Each member has unlimited liability and their action can legally bind the activities of the business. They share profit and losses equally.According to fact pattern 27-3, if the partners agree to dissolve one of their business line- equity lending as in the case above and the company's assets are shared among the partners, it would result in the termination of the firm's legal existence.Once there is a breach by any of the partners as contained in the partnership agreement and the partner's asset shared, that is dissolution. The partnership business has therefore been terminated legally and cease to exit.

Anonymous

Fact pattern 16-2 bryn, cornell, and duke are general partners in equity lending, a consumer credit, mortgage, and investment firm.

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