Question

1 pts
Two friends in a limited partnership (LP) start getting into disagreements on how to manage a rental property that the partnership owns. One partner who owns 80% wants to spend lots of money improving the building so it will rent for a higher amount, and the other partner which owns 20% has no additional money and does not want to borrow some from a bank. Can the second partner force the other partner to dissolve the partnership and sell the property?
Group of answer choices

Answer 1

No the second owner can not due to the fact the second owner only owns 20% of the company

Answer 2

The second partner cannot force the other partner to dissolve the partnership and sell the property because : The second partner holds a minority interest of only 20% in the partnership business.

What is dissolution of partnership?

Dissolution of partnership means that a business is wound up hence the firm ceased to exist.  Here, the business is discontinued, as the firm is dissolved.  

In a dissolved partnership business, the decision to close down may be voluntary (as per the discretion of the partners) or compulsory (as per the order of the court).

Hence, the second partner cannot force the other partner to dissolve the partnership and sell the property because : The second partner holds a minority interest of only 20% in the partnership business.

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