Your company is a partnership with you and one other owner, each with a 50% stake. The company has has assets of $247,965 and liabilities of $410,920. You both decide to liquidate the company. Assuming you can sell the assets at their listed value, how much will you be personally liable for?

Question

Business

Matthew Jennings

8 February, 12:53

Your company is a partnership with you and one other owner, each with a 50% stake. The company has has assets of $247,965 and liabilities of $410,920. You both decide to liquidate the company. Assuming you can sell the assets at their listed value, how much will you be personally liable for?

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Answers (1)

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Natalya Hoover · Answer 1

I will be legally responsible for $81,477.5

Explanation:

When a company is liquidated in the U. S., its creditors should be paid, according to the Section 507 of the Bankruptcy Code. since the company has assets of $247,965 and liabilities of $410,930. after liquidating the assets, me and my partner will decide to pay the liabilities with the liquidated assets. Now the remaining liabilities for the company will be $162,955. now we will split the liabilities into two equal amounts and the remaining liabilities for a partner will be $81,477.5.