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During the Process of Winding Up an LLP, After an LLP's

Question 15

Multiple Choice

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.

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