Asset from liquidating partnerships

Under the RUPA, creditors are paid first, including any partners who are also creditors.

Unlike when individuals file for Chapter 7 Bankruptcy, the business debts still exist.If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any.Finally, shareholders receive any remaining assets, in the unlikely event that there are any.Consult the following sample checklists for reference on how the process may unfold for different types of businesses.Keep in mind that these are provided for informational purposes only and may not apply in all situations.

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