about partnership (econ)

Under Section 35 of Partnership Ordinance:-

"Subject to any agreement between the partners, every partnership is dissolved as regards all the partners by the death or bankruptcy of any partner."

Therefore, if there is an agreement between partners to deal with the condition of a partner died / went bankrupt, the partnership need not to be dissolved. It is a common practice to have such an agreement for partnership, otherwise some famous partnership (e.g. Big Four) cannot last for over 100 years.

As i mentioned above, the agreement between partners become the main rule of the partnership. Thus, the power of an individual partner and profit sharing method are also defined in the agreement, and whether the general partner can do so depends on the details of the agreement.

If there is no agreement between partners, the decision of the partnership will depend on the "Majority Rule", i.e. vote by show of hand by all partners