PARTNERSHIP LIQUIDATION - Woodbury University合伙清算-伍德伯里大学.pptVIP

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PARTNERSHIP LIQUIDATION - Woodbury University合伙清算-伍德伯里大学.ppt

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PARTNERSHIP LIQUIDATION - Woodbury University合伙清算-伍德伯里大学

PARTNERSHIP LIQUIDATION Chapter 8 Dissolution Due to a change in the legal relationship among partners Typically due to Admission of a new partner Withdrawal of a partner Death of a partner Termination Partnership ceases normal business operations Liquidation Occurs when the partnership sells its assets, pays its liabilities, and distributes remaining assets to partners May occur due to Partnership fulfilling its business purpose Partners desire to not continue the business Partnership is in financial difficulty Liquidation (con’t) May be Voluntary – the partners may choose to liquidate Involuntary – creditors force the partnership to liquidate Accountant’s Liquidation Responsibilities Manage liquidation to ensure the payment to creditors Manage liquidation that will result in an appropriate distribution to partners Marshalling of Assets Keeping the partnership assets and liabilities separated from the partners’ personal assets and liabilities Partnership creditors and individual partner creditors can each have claims against partnership and partner assets but the priority of claims differ depending on source of payment Partnership Creditors’ Claims Order of priority By partnership creditors By personal creditors if claim not fully paid from partner personal assets (limited to partner’s capital balance) Partner’s Personal Creditor Claims Order of priority By personal creditors By partnership creditors if claim not fully paid from partnership assets (not limited to partner’s capital balance) By other partners if partner capital account has a deficit capital balance Uniform Partnership Act Partnership Claims Partnership liabilities shall rank in the following order Creditors other than partners Partners other than for capital and profits Partners in respect of capital Partners in respect of profits Uniform Partnership Act Partnership Claims (con’t) Partners’ three claims (i.e., loans to from partners, partners’ capital contributions, partners’ undistributed partnershi