When a partnership is insolvent and a partner has a deficit capital account balance, that partner is legally required to: Multiple Choice Declare personal bankruptcy. Initiate legal proceedings against the partnership. Contribute cash to the partnership. Deliver a note payable to the partnership with specific payment terms. None of these answer choices are correct. The partner has no legal responsibility to cover the capital deficit balance.
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Home » Business » When a partnership is insolvent and a partner has a deficit capital account balance, that partner is legally required to: Multiple Choice Declare personal bankruptcy. Initiate legal proceedings against the partnership.