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Match the Following

Question 203

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Match the following

Premises:
Agreement that is the contract between partners
Ending of a partnership
A voluntary association of two or more persons who co-own a business for profit
Every partner can bind the business to a contract within the scope of the partnership's regular business operations
When a partnership cannot pay its debts with business assets, the partners must use personal assets to meet the debt
A partnership in which each partner's personal liability for the business's debts is limited to a certain dollar amount
Causes the dissolution of a partnership
The basic form of partnership organization
The assets invested by a partner are recorded on the books of the partnership at this value
Without an agreement, the law will stipulate this method of sharing profits and losses
New partner invests assets with a market value greater than the equity received
The process of going out of business by selling the entity's assets and paying its liabilities
The final step in the liquidation of a partnership
The first step in partnership liquidation
Responses:
liquidation
dissolution
sell the assets
pay all the partnership liabilities
partnership
mutual agency
limited liability partnership
death of a partner
current market value
unlimited liability
partnership agreement
general partnership
distribution of remaining cash to partners
bonus to old partners
bonus to new partner
equally

Correct Answer:

liquidation
dissolution
sell the assets
pay all the partnership liabilities
partnership
mutual agency
limited liability partnership
death of a partner
current market value
unlimited liability
partnership agreement
general partnership
distribution of remaining cash to partners
bonus to old partners
bonus to new partner
equally
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