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26.3_cj
Question | Answer |
---|---|
Joint venture | partnership formed by two or more persons or firms combining resources and skills for one complex project |
Dissolution | change in partnership relationship due to a partner ceasing his association with its ongoing purpose; also, term for divorce or the ending of marriage in some states |
Winding-up | period following dissolution in which the ongoing business of the partnership is concluded, its obligations are satisfied, and each partner's share is distributed |
Termination | following the winding- up process, the ending of the legal existence of the partnership |
Partnership at will | partnership in which a partner may withdraw at any time without liability to other partners |
Tenancy in partnership | form of co-ownership by which the partners hold partnership property |