The assets of a sole proprietorship are revalued before they are assumed by a partnership.

Question

Quizplus · Accepted Answer

When a sole proprietorship is converted into a partnership, the assets are often revalued to reflect their current market value before being transferred to the partnership. This ensures that the assets are accurately represented in the partnership's books and that the contributions of the partners are fairly assessed.

The Assets of a Sole Proprietorship Are Revalued Before They