Question

The process of taking care of the partnership's outstanding obligations and distributing any remaining assets:

a. Winding up Operation of law
b. Dissolution
c. Alienation
d. Acts of the parties Futility

Answer 1

Winding up

Step-by-step explanation:

Winding up in partnership is a post dissolution procedure that entails the distribution and liquidation of any remaining partnership property and assets, settling outstanding debts owed to non partners and sharing of remaining assets among the remaining partners.

The five guiding steps to winding up partnership are

1. Review partnership agreement
2. Discuss the decision to wind up with partners
3. Fill a dissolution form
4. Notify concerned parties
5. Settle and close out all account,