If a Limited Partnership Is Dissolved,which of the Following Is

question 3

Multiple Choice

If a limited partnership is dissolved,which of the following is the order in which the limited partnership's assets are distributed?

• A) 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.
• B) 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.
• C) 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.
• D) 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.
• 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:

Aponeurosis

Extension of connective tissue beyond a muscle in round or flattened tendons; a means of insertion or origin of a flat muscle.

Fascia

A band or sheet of connective tissue, primarily collagen, beneath the skin that attaches, stabilizes, encloses, and separates muscles and other internal organs.

Tendon

A durable, pliable strip of connective tissue that links muscles with bones.

Arthroscopy

A minimally invasive surgical procedure used to diagnose and treat joint problems through a small incision using an arthroscope.