A partnership

A) is dissolved only by the withdrawal of a partner.
B) is dissolved upon the acceptance of a new partner.
C) dissolution means the business must liquidate.
D) has unlimited life.

Dissolution

Dissolution is the process through which a legal entity ceases to exist, involving the winding up of affairs, paying off debts, and distributing any remaining assets to owners.

Liquidate

The process of converting assets into cash or cash equivalents by selling them, often used in the context of dissolving a business.