Asked by
David Galway
on Nov 30, 2024Verified
Under the UPA, absent an agreement otherwise, upon dissolution, a partner is entitled to which of the following after payment of partnership creditors?
A) A share of profits in proportion to his capital contribution.
B) Shares of profits dependent upon the capital and time he contributed to the partnership.
C) Repayment of his loans to the partnership, capital contribution, and a share of the profits.
D) The UPA requires that the partners have an agreement or else they must seek a court order distributing the remaining assets.
Capital Contribution
The value of cash, property, or other assets that members or partners contribute to a company or partnership.
Repayment
The action of paying back borrowed money, typically with interest, according to the terms of a loan agreement.
- Understand the legal processes involved in the dissolution, winding up, and the distribution of assets in a partnership.
Verified Answer
SA
Learning Objectives
- Understand the legal processes involved in the dissolution, winding up, and the distribution of assets in a partnership.
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