Business were wisconsin limited liability partnership

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Reference no: EM133672549

Question

Erica, Joan and Susan form Capital City Real Estate Company as a Wisconsin general partnership in 2015. Erica contributes her expertise and $15,000 while Joan, $35,000 and Susan, $50,000 contribute cash. In 2016, Joan loans an additional $25,000. In 2018, Joan loans another $50,000. In 2022, Capital owes $240,000 to outside unsecured creditors.

1. Assume total assets are $500,000. The partners decide to terminate the business as of December 31, 2022. Please show the assets' allocation and what each partner will receive.

2. Same as 1. but the assets now are $350,000.

3. Same as 1, but the assets are now $150,000.

4. Would any of the above results differ if the business were a Wisconsin limited liability partnership?

Reference no: EM133672549

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