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4. What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnershp Act? A. Partners never have a deficit balance
4. What is the preferred method of resolving a partner's deficit balance, according to the Uniform Partnershp Act? A. Partners never have a deficit balance B. The other partners must contribute personal assets to cover the deficit balance C. The partnership must sell assets in order to cover the deficit balance D. The partner with a deficit balance must contribute personal assets to cover the deficit balance E. The partner with a deficit balance contributes personal assets only if those personal assets exceed personal liabilities The marshaling of assets doctrine regulates claims against an individual's assets. The following lists groups interested in potential cash distributions. (1.) those owed to the creditors of the partnership (2.) those owed to separate creditors (3.) those owed to partners by way of contribution When a partner is bankrupt, which order do claims against their property rank? A. 1,2,3 B. 2,1,3 C. 3,2,1 D. 1,3,2 E. 3,1,2
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