Assets should be liquidated and distributed

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Reference no: EM131366657

MAG is a partnership established in 2009. The partnership objective is producing and selling a certain type of chemicals. In October 2016, a law published prohibited the production of the type of chemicals which MAG produces.

A- In this event, should the partnership go through dissolution? State the rule.

B- (choose the correct answers – you can choose multi answers)

This partnership shall be terminated. Therefore, once it dissolved:

a) Assets should be liquidated and distributed.

b) It should go through the winding up process.

c) No further steps are required.

d) “B” is the only correct answer.

Reference no: EM131366657

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