Unformatted text preview: 11. The business of the partnership can be carried on only at a loss of profits 12. The disagreement between the partners is such that it undermines the nature of the partnership 13. Other circumstances of the partnership necessitate the dissolution When a partnership has debt, the distribution of liquidated assets must take the following order: 1. Payment to creditors of the partnership 2. Payment of refunds or loans to partners for loans made to the firm 3. Payment of partners for the capital they invested 4. Payment of profits distributed to partners on the basis of the partnership agreement...
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- Spring '11
- Debt, Corporation, partner, Debtor