Examlex
Which of the following activities would be most helpful to a person in whom a serious chronic illness has been diagnosed?
UPA
Uniform Partnership Act; a set of laws adopted by many states in the U.S. that governs the operations of partnerships and the relationships between partners.
Expressly Agree
To give a clear and definite agreement or consent to a specific term or condition.
Liquidation
In regard to corporations, the process by which corporate assets are converted into cash and distributed among creditors and shareholders according to specific rules of preference. In regard to bankruptcy, a proceeding under Chapter 7 of the Bankruptcy Code, often referred to as ordinary or straight bankruptcy, in which a debtor states his or her debts and turns all nonexempt assets over to a trustee, who sells the nonexempt assets and distributes the proceeds to creditors. With certain exceptions, the remaining debts are then discharged, and the debtor is relieved of the obligation to pay the debts.
Dissolution
The process of legally terminating the existence of an entity such as a corporation or partnership.
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