Roberts, Smith, and Thomas have been partners for twenty years. The partners, however, are now collecting debts, converting assets to cash, paying creditors, and distributing remaining assets to each partner. Roberts, Smith, and Thomas are engaged in:
A) dissolution.
B) marshaling assets.
C) reformation.
D) winding up.

Question

Quizplus · Accepted Answer

The process described is "winding up," which involves settling the affairs of the partnership by collecting debts, converting assets to cash, paying creditors, and distributing remaining assets to the partners.

Roberts, Smith, and Thomas Have Been Partners for Twenty Years