Smarth, King, and Finkel have been partners for years, but a court of equity is now segregating and considering separately the assets and liabilities of the partnership and the respective assets and liabilities of the individual partners. This process is called:
A) marshaling of assets.
B) liquidation.
C) dissolution of the partnership.
D) winding up.

Question

Quizplus · Accepted Answer

Marshaling of assets is the process where a court of equity segregates and considers separately the assets and liabilities of a partnership and the respective assets and liabilities of the individual partners.

Smarth, King, and Finkel Have Been Partners for Years, but a Court