Question

Brayden is a general partner in a four-member limited partnership with two general and two limited partners. The partnership is silent with regard to the duration of the partnership, and Brayden wishes to retire.

A) Brayden may withdraw at any time, and the partnership continues.
B) Brayden must give six months' notice before being permitted to withdraw.
C) The other general partner and the limited partner with the largest liability must agree to his withdrawal.
D) The court must grant permission for Brayden to withdraw since the agreement was silent and the other partners and third-party customers of the partnership must be protected.

Answer 1

A) Brayden may withdraw at any time, and the partnership continues.

Step-by-step explanation:

A partnership is defined as a business venture where two or more people decide to pool their resources together in a business to achieve a particular objective.

Partnerships can be a complex relationship between participants where conflict may rise. To curtail this an agreement is usually written that states conditions for withdrawal, percentage of ownership, division of profit and loss, length of partnership, and partner authority.

In this scenario the partnership is silent on the duration of the partnership, so Brayden may withdraw at any time and the partnership will continue