Asked by Becca Moore on Jun 24, 2024
Verified
The final step in the liquidation of a partnership
A) Partnership
B) Partnership agreement
C) Distribution of remaining cash to partners
D) Mutual agency
E) Equally
F) Death of a partner
G) Liquidation
H) Unlimited liability
Distribution Of Remaining Cash
The allocation of left-over cash to shareholders or for other corporate purposes after settling all obligations and investments.
Liquidation
Liquidation is the process of selling off a company's assets to pay off its debts and liabilities, typically occurring when a company is insolvent or ceasing operations.
- Detail the significant terms and concepts related to partnerships, including mutual agency, liquidation, and unlimited liability.
Verified Answer
FW
Fatima WelchJun 27, 2024
Final Answer :
C
Explanation :
The final step in the liquidation of a partnership involves the distribution of any remaining cash or assets to the partners after all debts and liabilities have been settled.
Learning Objectives
- Detail the significant terms and concepts related to partnerships, including mutual agency, liquidation, and unlimited liability.