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Questions and Answers
Which one of the following statements is true about dissolution and winding up of a partnership?
Which one of the following statements is true about dissolution and winding up of a partnership?
- Dissolution and winding up are the same thing.
- Winding up involves the distribution of assets to partners.
- Dissolution and winding up both involve a change in the relationship among partners. (correct)
- Dissolution terminates the partnership immediately.
What happens to the legal personality of a partnership upon dissolution?
What happens to the legal personality of a partnership upon dissolution?
- It is immediately terminated.
- It is distributed among the partners.
- It continues until the winding up is complete. (correct)
- It is transferred to the partners.
When does the distribution of assets to partners occur in a partnership?
When does the distribution of assets to partners occur in a partnership?
- During partition or distribution. (correct)
- During winding up.
- During dissolution.
- During termination.
What does dissolution of a partnership result in?
What does dissolution of a partnership result in?
When does the winding up of a partnership's affairs occur?
When does the winding up of a partnership's affairs occur?
What is the difference between dissolution and winding up of a partnership?
What is the difference between dissolution and winding up of a partnership?
Does the dissolution of a partnership immediately result in the termination of its legal entity?
Does the dissolution of a partnership immediately result in the termination of its legal entity?
What happens to a partnership after it has been dissolved?
What happens to a partnership after it has been dissolved?
When should the winding up of a partnership's affairs be completed?
When should the winding up of a partnership's affairs be completed?
At what point are the net partnership assets partitioned and distributed to the partners?
At what point are the net partnership assets partitioned and distributed to the partners?