The process of collecting, liquidating, and distributing partnership assets. Winding Up.

The profit given to limited partners is often called a _________. Distribution. A business entity that is not a taxable entity; income is taxed to the individual owners, is a _________ . Pass Through Tax Entity.

An agreement between partners as to how the assets will be valued and divided is a _______. Buy-Out/Buy-Sell Agreement.

When a plaintiff may sue and collect judgement from a partnership or each individual partner: _________ Joint and Several Liability.

The money invested in a business by an owner is called _______. Capital.

The sale of all of a business' assets is called _______. Liquidation. A partner who assumes responsibility for the management of the partnership and liability for partnership debts is a _________. General Partner. When a partner ceases to be associated with the partnership, the partner has ________ from the partnership. Dissociated. A person who acts for the benefit of another and is bound by duties of loyalty and care is a _________ . Fiduciary. A principal's duty to compensate or reimburse an agent for liabilities incurred during the scope of the agency. Indemnify.

The termination of partnership is called _______ . Dissolution. A person who represents or acts for another is an ________. Agent.

This doctrine that a principle or employer is liable for any harm caused to a third party by an agent-employee who acted within the scope of their employment. Respondeat Superior. In the absence of an express partnership agreement, the _________ governs the relationship between the partners. Uniform Partnership Act.

A business that owns property, can sue, and can be sued, is a _______. Legal Entity.