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1. List the steps to follow when a Company is liquidated. 2. Car and Lam establish a partnership to operate a used furniture business

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1. List the steps to follow when a Company is liquidated. 2. Car and Lam establish a partnership to operate a used furniture business under the name C&L Furniture. Initial contribution from partners: Car $120,000 and FVM $160,000 in inventory. Lam $60,000 Cash $80,000 and FVM $60,000 from a team. -Profits/losses will be distributed equitably. -Contributions will be accounted for at fair market value. -Calculate the balance of each partner's capital accounts.

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