- 3 Marks
FR – May 2019 – L2 – Q5a – Professional and Ethical Issues in Financial Reporting
Explanation of differences between dissolution of a partnership and a limited liability company.
Question
The dissolution of a partnership is the process during which the affairs of the partnership are wound up. This should not be confused with the term dissolution when applied to a limited company, which is the event that marks the conclusion of the winding-up.
Required:
Explain THREE (3) differences between the dissolution of a partnership and the dissolution of a limited liability company.
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