If a Limited Partnership Is Dissolved,the Order in Which the Limited

question 29

Multiple Choice

If a limited partnership is dissolved,the order in which the limited partnership's assets are distributed is as follows:

• A)Payment to third-party creditors,payment to the partners according to their investments in the partnership,payment to partners who have loaned the partnership money,and payment to the partners on the basis of their shares of the profits.
• B)Payment to third-party creditors,payment to partners who have loaned the partnership money,payment to the partners according to their investments in the partnership,and payment to the partners on the basis of their shares of the profits.
• C)Payment to partners who have loaned the partnership money,payment to the partners according to their investments in the partnership,payment to third-party creditors,and payment to the partners on the basis of their shares of the profits.
• D)Payment to partners who have loaned the partnership money,payment to third-party creditors,payment to the partners according to their investments in the partnership,and payment to the partners on the basis of their shares of the profits.
• E)Payment to the partners on the basis of their shares of the profits,payment to third-party creditors,payment to partners who have loaned the partnership money,and payment to the partners according to their investments in the partnership.

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Definitions:

Metabolism

The set of life-sustaining chemical reactions in organisms to convert food into energy, and build or maintain their cells.

First Messenger

Chemical signal, such as a peptide hormone, that binds to a plasma membrane receptor protein and alters the metabolism of a cell because a second messenger is activated.

Second Messenger

Chemical signal, such as cyclic AMP, that causes the cell to respond to the first messenger—a hormone bound to a plasma membrane receptor protein.

Peptide Hormone

Type of hormone that is a protein, a peptide, a glycoprotein, or is derived from an amino acid.