If,upon Dissolution of a Partnership,liabilities of the Partnership Are Greater

question 7

Multiple Choice

If,upon dissolution of a partnership,liabilities of the partnership are greater than the liquidated assets of the partnership,which of the following occurs?

• A)Only partners who participated in management of the business must contribute his or her share of the losses to pay creditors.
• B)Only partners who did not participate in the management of the business must contribute his or her share of the losses to pay creditors.
• C)Each partner must contribute his or her share of the losses to pay creditors.
• D)The managing partner is liable for the liabilities,but other partners are not liable.
• E)The liabilities remain unpaid because the partners are not liable.

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Definitions:

Simple Organic Molecules

Simple Organic Molecules are molecules composed of carbon along with other elements like hydrogen, oxygen, and nitrogen, serving as the basic building blocks for more complex organic substances.

Oparin

A scientist known for his hypothesis on the origin of life, proposing that life on Earth developed through a process of chemical evolution in a primordial soup of organic molecules.

Haldane

A principle named after J.B.S. Haldane, suggesting that the rate at which a gas is absorbed by a liquid is proportional to the pressure of the gas above the liquid, provided the gas does not react with the solvent.

Prokaryotic

Pertains to organisms without a distinct nucleus, consisting of bacteria and archaea.