Liquidating distribution partnership benefits of dating a medical student

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Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping.

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He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a BSc from Loughborough University.After the sale of the non cash assets, the cash available to the partnership is the opening balance of 20,000 plus the cash from the disposal of the non cash assets of 100,000 which equals a total of 120,000.This cash is used to settle the liabilities of 50,000 leaving remaining cash of 120,000 – 50,000 = 70,000 to be distributed.Each partner may participate in the management of the business, and receive a portion of the profits.The legal form of limited partnership offers businesses a blend of limited liability and organizational flexibility.

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