Bobbie and Adam each own 35% of partnership BAB. On October 15, 2018, Bobbie sells her interest to Bob, who is a 30% partner. On

Question

Alekssandra [29.7K]

3 years ago

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Bobbie and Adam each own 35% of partnership BAB. On October 15, 2018, Bobbie sells her interest to Bob, who is a 30% partner. On

October 16, 2019, Adam sells his interest to Bob. When does the partnership terminate?

Mathematics

1 answer:

Ludmilka [50] · Answer 1 · 2022-12-08T19:19:14+03:00

Answer:

Step-by-step explanation:

Such partnerships only terminate when one of the partners sells his entire share which makes him no longer a partner in the company, but there may still be another partnership in the company. The other way all partnerships in the company terminate is when a single party/partner gains control of the entire companies' shares meaning they are 100% owner of the company and no other individual has any controlling interest in the company.