Receivership

question 40

Multiple Choice

Receivership:

• A)Involves winding up a company.
• B)Indicates that the life of the business is coming to an end.
• C)Occurs when a person is appointed to manage an asset with a view to realising the asset and repaying a debt.
• D)Involves liquidating a company.

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Definitions:

Partnership Business

A business organization in which two or more individuals manage and operate the business in accordance with the terms and objectives set out in a Partnership Agreement.

Access

The ability or right to approach, enter, or use something.

Limited Liability

A legal structure where a company's owners are protected from personal responsibility for its debts or liabilities.

Limited Partners

Investors in a limited partnership who are not involved in daily business operations and whose liability is limited to the amount of their investment.