Describe the process of closing the business

Reference no: EM133256103

Case:

Larry, Moe and Curly create business selling widgets. The business has operated successfully for a number of decades amassing a large customer base, accounts receivable, real property and inventory on hand. Due to Curly's health, the three individuals have decided it is time to move on from their business venture. For each of the following questions answer each question from the perspective of: General Partnership, Limited Partnership, Corporation and an LLC.

Describe the process of closing the business including any winding up process; whether the business may continue on without Curly; and the division of assets.
Assuming that at the time of the decision to close the business, there is currently a pending lawsuit filed against the business for a defective product that had been distributed to businesses throughout the country. The issue of whether any of the individual owners of the product knew of the defect prior to distributing it is still being litigated. What is the liability for the owners and for the business?

Reference no: EM133256103

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