First Principles of Business Law

5. Partnerships

Question 15. How is a partnership ended?

Which of the listed circumstances have the effect of dissolving (ending) a partnership? Click on the list to see if you are right.

• The expiry of the period for which it was agreed to join in the partnership.

• The achievement of the aim for which the partnership was specifically created to achieve.

• Notice being given by one or more of the partners of an intention to dissolve the partnership.

• The death or bankruptcy of a partner, unless the partners have agreed otherwise.

• A failure by the firm to make a profit in any year of operation.

• The type of business in which the partnership was engaged becoming unlawful.

• A court ordering the dissolution of a partnership.