Question

Your company is a partnership with you and one other owner, each with a 50% stake. The company has has assets of $247,965 and liabilities of $410,920. You both decide to liquidate the company. Assuming you can sell the assets at their listed value, how much will you be personally liable for?

Answer 1

I will be legally responsible for $81,477.5

Explanation:

• When a company is liquidated in the U.S., its creditors should be paid, according to the Section 507 of the Bankruptcy Code.

• since the company has assets of $247,965 and liabilities of $410,930. after liquidating the assets, me and my partner will decide to pay the liabilities with the liquidated assets.

• Now the remaining liabilities for the company will be $162,955. now we will split the liabilities into two equal amounts and the remaining liabilities for a partner will be $81,477.5.

Answer 2

Answer:

C : 81,478

Credits go to the person above me.

Explanation:

VB Business 2021