Homework Answers
| Answer: D. Liquidation |
Explanation:
Ending the partnership by selling assets and paying the proceeds first to creditors then the remainder to the partners refers to Liquidation. Dissolution is the starting process of termination and partnership firm will be dissolved when there is a illegal business carried on by the partners or one parner decides to discontinue etc. Unlimited liability denotes the liability of partners is joint and several. Under unlimited liability, partners' personal assets are used to pay off the firm's debts. Mututal agency represents authority of partners and legal relationship between partners in a partnership firm to do business, to enter the partnership firm. When the parnership firm go bankrupt, it leads to liquidation.
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Ending the partnership by selling assets and paying the proceeds first to creditors then the remainder...
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