If at the Time of Partnership Liquidation, a Partner Has

question 112

True/False

If at the time of partnership liquidation, a partner has a $5,000 capital deficiency and pays the partnership $5,000 out of personal assets to cover the deficiency, then that partner is entitled to share in the final distribution of cash.

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Definitions:

Common Law Marriage

A legally recognized union that occurs when a couple lives together for a period of time and holds themselves out to friends, family, and the community as being married, but without ever going through a formal ceremony or obtaining a marriage license.

Domestic Partner Benefits

Employee benefit policies that extend health insurance and other perks to domestic partners, akin to those traditionally reserved for spouses.

Case Management

A collaborative process of assessment, planning, facilitation, and advocacy for options and services to meet an individual's holistic needs through communication and available resources to promote quality cost-effective outcomes.

HMO

A Health Maintenance Organization, a type of health insurance plan that limits coverage to care from doctors who work for or contract with the HMO.