n of a limited liability partnership, a loan payable to a partner by the partnership is: a. Considered to be the same as the partner's capital account b. Paid before all outside creditors have been paid in full c. Considered to be zero. d. Used to abs
n of a limited liability partnership, a loan payable to a partner by the partnership is: a. Considered to be the same as the partner's capital account b. Paid before all outside creditors have been paid in full c. Considered to be zero. d. Used to abs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In the liquidation of a limited liability partnership, a loan payable to a partner by the partnership is:
a.
Considered to be the same as the partner's capital account
b.
Paid before all outside creditors have been paid in full
c.
Considered to be zero.
d.
Used to absorb the partner's share of losses on realization of assets
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