PARTNERSHIPLIQUIDATION-WoodburyUniversity合伙清算-伍德伯里大学

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1、PARTNERSHIPLIQUIDATIONChapter8DissolutionDuetoachangeinthelegalrelationshipamongpartnersTypicallyduetoAdmissionofanewpartnerWithdrawalofapartnerDeathofapartnerTerminationPartnershipceasesnormalbusinessoperationsLiquidationOccurswhenthepartnershipsellsitsassets,paysitsliabiliti

2、es,anddistributesremainingassetstopartnersMayoccurduetoPartnershipfulfillingitsbusinesspurposePartnersdesiretonotcontinuethebusinessPartnershipisinfinancialdifficultyLiquidation(con’t)MaybeVoluntary–thepartnersmaychoosetoliquidateInvoluntary–creditorsforcethepartnershiptoliqui

3、dateAccountant’sLiquidationResponsibilitiesManageliquidationtoensurethepaymenttocreditorsManageliquidationthatwillresultinanappropriatedistributiontopartnersMarshallingofAssetsKeepingthepartnershipassetsandliabilitiesseparatedfromthepartners’personalassetsandliabilitiesPartner

4、shipcreditorsandindividualpartnercreditorscaneachhaveclaimsagainstpartnershipandpartnerassetsbutthepriorityofclaimsdifferdependingonsourceofpaymentPartnershipCreditors’ClaimsOrderofpriorityBypartnershipcreditorsBypersonalcreditorsifclaimnotfullypaidfrompartnerpersonalassets(li

5、mitedtopartner’scapitalbalance)Partner’sPersonalCreditorClaimsOrderofpriorityBypersonalcreditorsBypartnershipcreditorsifclaimnotfullypaidfrompartnershipassets(notlimitedtopartner’scapitalbalance)ByotherpartnersifpartnercapitalaccounthasadeficitcapitalbalanceUniformPartnershipA

6、ctPartnershipClaimsPartnershipliabilitiesshallrankinthefollowingorderCreditorsotherthanpartnersPartnersotherthanforcapitalandprofitsPartnersinrespectofcapitalPartnersinrespectofprofitsUniformPartnershipActPartnershipClaims(con’t)Partners’threeclaims(i.e.,loanstofrompartners,pa

7、rtners’capitalcontributions,partners’undistributedpartnershipincome)areoftencombinedintoasinglecategoryinpractice(e.g.,rightofoffset)Partners’capitalcontributionsandundistributedincomeareoftencombinedintooneaccountUniformPartnershipActPartnershipClaims(con’t)Rightofoffsetimpor

8、tanceistoensurethatpaymentisnotmadeonapartnerloanwhenthereisa