Limited life

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Limited life is a requirement that a partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue if a new partnership is formed.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Limited life. Partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue if a new partnership is formed.

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