The ABC Partnership (A General Partnership with Three Partners)is Dissolved

question 27

Essay

The ABC partnership (a general partnership with three partners)is dissolved in the process of terminating. Outside creditors are owed $50,000. The partners made no loans, but contributed $15,000 each in capital. After the assets are liquidated, there is $125,000. How will that amount be distributed?

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Definitions:

Freedom

A state of being free; the power to act, speak, or think without externally imposed restraints.

Racial Segregation

A practice and policy of separating individuals on the basis of race, often resulting in unequal access to resources, services, and opportunities.

Judiciary

The system of courts that interprets and applies the law in the name of the state or country.

Orval Faubus

Governor of Arkansas from 1955 to 1967, known for his controversial stand against the desegregation of Little Rock Central High School in 1957.