Dissolution of Partnership: Meaning - SS2 Accounting Past Questions and Answers - page 1

The termination of a partnership and distribution of its assets and liabilities among the partners

The process of forming a new partnership with additional partners.

The transfer of ownership of a partnership to a single partner.

The process of merging two or more partnerships into one.

Retirement, death, bankruptcy, or simply because the partners no longer wish to work together.

To merge with another partnership and form a larger entity.

To transfer ownership of the partnership to a single partner.

To avoid paying taxes on the partnership's profits.

Agreeing on how the partnership's assets and liabilities will be distributed among the partners.

Filing final tax returns with the appropriate government agencies.

Selling off any remaining assets.

Canceling any licenses or permits that were obtained in the name of the partnership.

Lawyers, accountants, tax advisors, and government agencies.

Only the partners of the dissolved partnership.

The general public.

The partnership's competitors.

To ensure that the process is handled in a fair and efficient manner.

To avoid paying taxes on the partnership's profits.

To increase the value of the partnership's assets.

To prevent competitors from gaining an advantage.