How are assets distributed after the dissolution of a general partnership under the UPA?
What will be an ideal response?
After partnership assets have been liquidated and reduced to cash, the proceeds are distributed to satisfy claims against the partnership. The debts are satisfied in the following order:
a) Creditors (except partners who are creditors)
b) Creditor-partners
c) Capital contributions
d) Profits to partners
The partners can agree to change the priority of distributions among themselves. If the partnership cannot satisfy its creditors' claims, the partners are personally liable for the partnership's debts and obligations. After the proceeds are distributed, the partnership automatically terminates. Termination ends the legal existence of the partnership.
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In the ________ stage of developing a partnership, the relationship is defined through the development of expectations for each party.
A. expansion B. exploration C. dissolution D. awareness E. commitment
To prepare for the next interview, what should be done after an initial interview?
A) Research your online presence B) Research potential information that might be found in a background check C) Evaluate your performance in the interview D) Find ways to minimize weaknesses E) Call within 24 hours to set up the next interview
What type of retail audit can be conducted as exploratory research in evaluating a retailer's response to problems and opportunities?
a. nondisguised audit b. vertical audit c. disguised audit d. horizontal audit
Webster Corporation's budgeted sales for February are $325,000. Webster pays sales representatives a commission of 6% of sales dollars. The company pays a sales manager a monthly salary of $4,400 and expects advertising expense of $2,000 per month. Compute the total budgeted selling expenses for February.
A. $19,500. B. $23,900. C. $6,400. D. $25,900. E. $21,500.