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JAMB Commerce 2005 Question 22

Question 22

Business Units

A partnership is dissolved when

  1. A.the business suffers a loss
  2. B.there is bankruptcy
  3. C.there is consistent theft
  4. D.there is a misunderstanding between partners
Show the answer and explanation

Answer: B (there is bankruptcy)

Explanation

The bankruptcy of the firm or of a partner ends a partnership by law; losses or quarrels alone do not.