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What is the type of partnership wherein partners are liable

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Reference no: EM132928011

Problem 1. What is the type of partnership wherein all partners are liable to the creditors pro-rata up to the extent of personal or separate assets after the partnership's assets are exhausted?

Option 1: General partnership
Option 2: Partnership by estoppel
Option 3: Limited partnership
Option 4: Particular partnership

Problem 2. What do you call the process of converting the non-cash assets of the partnership and distributing the total cash to the creditors and the remainder to the partners?

Option 1: Liquidation
Option 2: Dissolution
Option 3: Operation
Option 4: Termination

Reference no: EM132928011

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