1. The installment liquidation process uses a worst-case assumption in computing the payments to partners. What does the worst-case assumption mean?

2. Why is the partnership form of business organization sometimes preferred over the corporation or the sole proprietorship form?

3. Does a partner leaving a partnership require the partnership to dissolve and wind up its business? Explain how the partnership may purchase the disassociated partner's interest in the partnership.

Please explain in brief with examples.