The Salinas-Milliken Partnership Is Terminated When Creditor Claims Exceed Partnership

question 86

Multiple Choice

The Salinas-Milliken partnership is terminated when creditor claims exceed partnership assets by $80000. Salinas is a millionaire and Milliken has no personal assets. Milliken's partnership interest is 75% and Salinas's is 25%. Creditors

• A) must collect their claims equally from Milliken and Salinas.
• B) may collect the entire $80000 from Salinas.
• C) must collect their claims 75% from Milliken and 25% from Salinas.
• D) may not require Salinas to use his personal assets to satisfy the $80000 in claims.

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Definitions:

Visual Pathway

The route taken by light signals converted into neural signals from the retina through various brain regions, culminating in visual perception in the occipital lobe.

Action Potential

A rapid rise and subsequent fall in voltage or electrical charge across a cellular membrane, primarily found in neurons and muscle cells, facilitating communication and response.

Visual Cortex

The part of the cerebral cortex dedicated to processing visual information, enabling vision perception and recognition.

Chorda Tympani

A branch of the facial nerve that carries taste sensations from the anterior two-thirds of the tongue and controls saliva production.