Kimberly contributed $50,000 as a limited partner in a limited partnership.Upon dissolution of the partnership,the priorities in distributing the assets are to:

Question

Quizplus · Accepted Answer

This is the correct order of priority for distribution of partnership assets upon dissolution as outlined in the Uniform Partnership Act. First, the partnership's creditors are paid. Then, partners and ex-partners are paid for any unpaid distributions. After that, partners are paid for the return of their contributions. Finally, any remaining assets are distributed to partners in proportion to their partnership interests.

Kimberly Contributed $50,000 as a Limited Partner in a Limited