Colorado Nursing Home Administrators (NHA) Practice Exam

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When is it considered a change of ownership for a partnership?

Partnership renewal
Dissolution of partnership and conversion to another legal structure
Addition of a new partner
Changing business location

The correct answer is: Partnership renewal

A change of ownership for a partnership is considered when the partnership is renewed. This means that the partnership agreement is reviewed, revised, and renewed, indicating a change in the ownership structure or terms of the partnership. Option B, dissolution of the partnership and conversion to another legal structure, involves more than just a change in ownership - it signifies a complete transformation of the business entity. Option C, addition of a new partner, involves bringing in a new partner but does not necessarily constitute a change in ownership of the partnership as a whole. Option D, changing business location, is unrelated to ownership changes within a partnership.