Distribution of birated products assets on its dissolution

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Reference no: EM132262013

Birated Products Exports, L.P., is a limited partnership, with $235,000 in declared but unpaid profits. Birated Products’s creditors include Garner Credit Inc. for $5,000 and Sarah, one of Birated Products’s limited partners, also for $5,000. When Bill, one of Birated Products’s general partners, decides to retire, the other general partners vote to liquidate and dissolve the firm. The limited partners, who are not asked their opinions, want Birated Products to continue in business and file a suit against the general partners to compel this result. Can the court order Birated Products to continue? If not, what is the priority of the distribution of Birated Products’s assets on its dissolution?

Reference no: EM132262013

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