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AnnyKZ [126]
3 years ago
8

Bryn, Cornell, and Duke are general partners in Equity Lending, a consumer credit, mortgage, and investment firm. Their agreemen

t 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.
(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.
Business
1 answer:
Viefleur [7K]3 years ago
3 0

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.

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Based on the actions of Preteresia , we can infer that this scenario best describes <u>Global Convergence</u>.

<h3>What is Global Convergence?</h3>
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Preteresia in helping Abresia build those facilities, is engaging in global convergence because the industries in both countries are being integrated to allow for more efficient smartphone manufacturing.

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g Corporation's cost formula for its bungalow operating cost is $2,960 per month plus $326 per day. For the month of December, t
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Answer: $942 U

Explanation:

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George had a previous balance on his credit card of $330.19 on which he paid $50.00. He was assessed a finance charge of $4.20.
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3 years ago
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Inventory records for Dunbar Incorporated revealed the following:
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Ending inventory assuming weighted-average cost would be $694

Solution:

Given,

Dunbar sold 560 units of inventory

Apr. 1 Beginning inventory 550 $2.33

Apr. 20 Purchase 310 2.68

Now,

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Ending inventory = 300 × $2.33 = $694

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