Ask Question
BusinessBusiness
9 November, 20:45

Natural Gas, LP, is a limited partnership to which its partners have contributed capital. Natural Gas's creditors include Precision Piping, Inc. On Natural Gas's dissolution, its assets will be distributed to pay

a. Precision Piping before the partners.

b. the partners and Precision Piping proportionately.

c. the partners before Precision Piping.

d. none of the choices.

+1
Answers (1)
  1. 9 November, 21:04
    0
    Answer: Option A

    Explanation:

    In the limited partnership the liability of the partners is limited to the agreement amount but the limited partner's interference in management is also limited.

    When the dissolution of the firm occurs it results in two types of creditors one is outsiders and other one is the partners. The assets of Natural gas, LP when they are dissolved the creditors Precision Piping Inc have the priority in receiving their funds before the limited partners. Outside creditors have first priority and then comes partners with limited share. Only after meeting the borrowed money of creditors the partners can take their share in dissolution.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Natural Gas, LP, is a limited partnership to which its partners have contributed capital. Natural Gas's creditors include Precision Piping, ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Pat shopped at Target for new summer shorts. After trying on three different brands and price comparing, he decided to buy the Dockers shorts. While heading to the checkout stand, he spotted earphones hanging on the endcap of the electronics area.
Answers (1)
Gi Gi's Dance Studio provided $150 of dance instruction and rented out its dance studio to the same client for another $100. The client paid immediately. Identify the general journal entry below that Gi Gi's will make to record the transaction.
Answers (1)
Steven, the vice president of Clair Ltd., has always been able to delegate tasks effectively and inspire his subordinates. He likes being in charge of the people who work for him.
Answers (1)
Which of the following describes one of the pillars of Wikipedia? A. Wikipedia is a collection of resources B. Wikipedia is an encyclopedia C. Wikipedia is a database D. Wikipedia is a social media platform
Answers (2)
Does average income usually mean personal income or household income?
Answers (1)
New Questions in Business
You want to create a slide that lists the pros and cons of using cloud storage as part of your presentation on business technology. Which pre-set layout would you want to use? A. Content with caption B. Title only C.
Answers (2)
Two or more products are produced using limited resources. The firm would like to determine how many units of each product it should produce to maximize overall profit given its limited resources.
Answers (1)
1. Calculate owners' equity. Doughnut Company shows $130,000 worth of assets on its December 31, 2009, balance sheet. If total liabilities are $55,800, what is the amount of owners' equity?
Answers (1)
The term "constant returns to scale" describes a situation where expanding all inputs does not change the average cost of production. a larger-scale firm can produce at a lower cost than a smaller-scale firm.
Answers (1)
When you visit a campus, you should plan to do all of the following except. A. stay the night in a dorm. B. meet with a professor. C. sit in on a class lecture. D. attend a college party.
Answers (2)
Home » Business » Natural Gas, LP, is a limited partnership to which its partners have contributed capital. Natural Gas's creditors include Precision Piping, Inc. On Natural Gas's dissolution, its assets will be distributed to pay a.
Sign Up Forgot Password?