Question

"a partnership not only between those who are living, but between those who are living, those who are dead, and those who are to be born."

True / False.

Answer 1

Answer: FALSE

Explanation: The partnership agreement dissolves when any of the partners in the business dies or became bankrupt. Then the remaining partner or partners in the entity calculates whether the dissolving partner owed them money or are they obligated to pay his heir any amount.

After such calculations appropriate adjustments in different accounts are done accordingly.