Asked by Matthew Medina on Jun 11, 2024
Verified
Extinguishing a limited partnership involves:
A) dissolution.
B) winding up or liquidation.
C) termination.
D) All of these.
Extinguishing
The act of putting an end to something, such as extinguishing a debt, a legal obligation, or a fire.
Dissolution
Dissolution is the process of formally ending the existence of a legal entity such as a company or partnership.
Winding Up
The process of dissolving a company by selling its assets, paying off creditors, and distributing the remaining assets to shareholders.
- Understand the procedures and guiding principles behind the dissolution, distribution of assets, and conclusion of partnerships.
Verified Answer
Learning Objectives
- Understand the procedures and guiding principles behind the dissolution, distribution of assets, and conclusion of partnerships.
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