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When liquidating a company, the first step of the process is to: Sell all non-cash assets and record a gain/loss, if any. Sell all assets,

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When liquidating a company, the first step of the process is to: Sell all non-cash assets and record a gain/loss, if any. Sell all assets, record a gain/loss, if any, and allocate the gain/loss to the partners. Pay all liabilities. Sell all assets and record a gain/loss, if any

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