The partnership is being dissolved. Unfortunately, the liquidating partner found out that the assets of the partnership are not enough to pay all the liabilities to the creditors. How will the partnership be able to pay all its liabilities?
The partnership is being dissolved. Unfortunately, the liquidating partner found out that the assets of the partnership are not enough to pay all the liabilities to the creditors. How will the partnership be able to pay all its liabilities?
Chapter21: Partnerships
Section: Chapter Questions
Problem 6BCRQ
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Question
The partnership is being dissolved. Unfortunately, the liquidating partner found out that the assets of the partnership are not enough to pay all the liabilities to the creditors. How will the partnership be able to pay all its liabilities?
None of the above
The properties of all the partners shall be held liable.
The properties of the limited partner shall be held liable.
The properties of the general partner shall be held liable.
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