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jayilych4real

The correct order for settling accounts when a partnership dissolves is:

  • (1) to creditors other than partners,

  • (2) to partners for liabilities other than for capital and profits,

  • (3) to partners for capital contributions

What is a Business Partnership?

This refers to the relationship that exists between two or more business partners where they pool their resources together for a business venture.

Hence, we can see that when that partnership dissolves, the steps that should be followed to settle accounts are listed above,:

  • (1) to creditors other than partners,

  • (2) to partners for liabilities other than for capital and profits,

  • (3) to partners for capital contributions

The different kinds of business partnerships include:

  • LLC partnership (also known as a multi-member LLC)

  • Limited liability partnership (LLP)

  • Limited partnership (LP)

  • General partnership (GP)

Read more about business partnerships here:

https://brainly.com/question/14034519

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