ACC 401-Advanced Accounting

"Formation, Operation, Termination and Liquidation of Partnerships"Please respond to the following:

• Assume that John, James, and Jane are considering creating a legal business entity to develop and market their idea for a web application. Recommend the most appropriate type of business activity (i.e., a general partnership, a limited liability partnership, or a limited liability company) for them to form. Provide a rationale for your response.
• Determinethemainpurposeofastatementofrealizationandliquidation,anddiscussthemajorinformationthattheprimarypartiescangainfromastatementofrealizationandliquidationinordertograspthemajoreventsoftheliquidationprocess.Next,suggestthemostcriticalinformationtodisseminatetothepartnersandcreditorsduringliquidation.Justifyyourresponse.

300 words required .....

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