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14 November, 03:32

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.

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Answers (1)
  1. 14 November, 03:51
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    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.
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