A partnership may be liquidated either by the partners or by the court. Liquidation of a partnership generally occurs when the partnership accrues debt and requires a vote of the partners.
Upon the liquidation of the partnership, the debts and obligations remain the debts and obligations of the partners. The assets and profits of the partnership will first be used to pay off creditors.
If there are insufficient assets or profits, the
To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to Tolley+™ Research or register for a free trial
Web page updated on 17 Mar 2025 13:16