refers to the process of completing all unfinished transactions, paying off outstanding debts, distributing assets, and dividing remaining profits when a partnership is on its "deathbed."

Question

Quizplus · Accepted Answer

Winding-up is the correct choice as it refers to the process of completing all unfinished transactions, paying off outstanding debts, distributing assets, and dividing remaining profits when a partnership is on its "deathbed." Liquidation refers to the process of selling off assets to pay off debts, which may or may not be a part of the winding-up process. Litigation refers to the process of resolving legal disputes through the court system. Rolling-over does not relate to the process of ending a partnership.

Refers to the Process of Completing All Unfinished Transactions, Paying