Bobbie and Adam each own 35% of partnership BAB. On October 15, 2018, Bobbie sells her interest to Bob, who is a 30% partner. On October 16, 2019, Adam sells his interest to Bob. When does the partnership terminate?
Such partnerships only terminate when one of the partners sells his entire share which makes him no longer a partner in the company, but there may still be another partnership in the company. The other way all partnerships in the company terminate is when a single party/partner gains control of the entire companies' shares meaning they are 100% owner of the company and no other individual has any controlling interest in the company.
