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Assets are sold, proceeds are used to pay creditors, and any leftovers are distributed to shareholders. Liquidating a position may simply mean selling stock or bonds; the seller in this case receives the cash.

Any transaction that offsets or closes out a long or short position. Liquidation also refers to a situation in which a company ceases operations and sells as many assets as it can; the company uses the cash to repay debt and, if possible, shareholders.

A qualified entity is one that is wholly owned by the spouses as community property, is not treated as a corporation, and no one other than the spouses have an ownership interest in the entity.

Although partnerships are governed by state law, the states have all adopted the Revised Uniform Partnership Act (RUPA), so there is some uniformity in the United States in how partnerships work.

In addition, there is brief discussion of two special designations that are allowed under the laws of some states for partnerships involving professionals: the limited liability partnership (LLP) and the limited liability limited partnership (LLLP).

the process by which a JOINT-STOCK COMPANY' S existence as a legal entity ceases by the winding-up of the company Such a process can be initiated at the behest of the CREDITORS where the company is insolvent (a compulsory winding-up), or by the company directors or SHAREHOLDERS, in which case it is known as a voluntary winding-up.

It is more complex and usually requires more legal formalities than a sole proprietorship, but, in general, it is less complex than a corporation.

There are two main types of partnerships: the general partnership and the limited partnership.

As the regular English courts gradually recognized the societas, the business form eventually developed into the common-law partnership.

England enacted its Partner-ship Act in 1890, and legal experts in the United States drafted a Uniform Partnership Act (UPA) in 1914. When there is a positive agreement at the commencement of the partnership, that the personal representative or heir of a partner shall succeed him in the partnership, the obligation will be considered valid.

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