During the process of winding up an LLP, after an LLP's assets have been liquidated and reduced to cash, the proceeds are distributed in the following order:
A. First, partners who are creditors, then other creditors, and finally settlement of partners' accounts.
B. First, creditors, then settlement of partners' accounts. Partners who are creditors take nothing.
C. First, creditors (including partners who are creditors), then settlement of partners' accounts.
D. First, settlement of partners' accounts, then partners who are creditors, and finally other creditors.
Answer: C
You might also like to view...
______ television viewers tend to develop more fear of crime and have less sympathy or empathy for rape victims.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements about the power base classification system of John French and Bertram Raven is accurate?
a. Some managers can possess power from all five bases. b. The higher a person’s legitimate power is, the less responsibility she must take on. c. Referent power is typically the weakest power base among managers. d. Most managers lean far too heavily on coercive power.
Which of the following is NOT a communication task for which marketers use the Internet?
a. Promoting consumer awareness and interest. b. Providing information and consultation. c. Facilitating two-way communications with customers through e-mail and chat rooms. d. Enabling customers to place orders. e. Reducing service demand through electronic tracking.
Jilk Inc.'s contribution margin ratio is 58% and its fixed monthly expenses are $36,000. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operating income in a month when sales are $103,000?
A. $7,260 B. $23,740 C. $59,740 D. $67,000