Match the term with the appropriate definition. a. partnership b. articles of pa
ID: 2372678 • Letter: M
Question
Match the term with the appropriate definition.
a. partnership
b. articles of partnership
c. distribution of remaining cash to partners d. mutual agency
e.equally
f.death of a partner
g. liquidation
h. unlimited liability
When a partnership cannot pay its debts with business assets,[ answer here]
the partners must use personal assets to meet the debt [ Answer here ]
Agreement that is the contract between partners [ answer here ]
A voluntary association of two or more persons who co-own a business for profit [ answer here ]
Every partner can bind the business to a contract within the scope of the partnership%u2019s regular business operations [ answer here ]
The process of going out of business by selling the entity%u2019s assets and paying its liabilities [ answer here ]
Without an agreement, the law will stipulate this method of sharing profits and losses [ answer here ]
The final step in the liquidation of a partnership [ answer here ]
Causes the dissolution of a partnership [ answer here ]
Explanation / Answer
h) Unlimited liability
b) articles of partnership
a) Partnership
d) mutual agency
g) liquidation
e) equally
c) distribution of cash
f) death of a partner