MAG is a partnership established in 2009. The partnership objective is producing and selling a certain type of chemicals. In October 2016, a law published prohibited the production of the type of chemicals which MAG produces.
A- In this event, should the partnership go through dissolution? State the rule.
B- (choose the correct answers – you can choose multi answers)
This partnership shall be terminated. Therefore, once it dissolved:
a) Assets should be liquidated and distributed.
b) It should go through the winding up process.
c) No further steps are required.
d) “B” is the only correct answer.